AThe Minister of Power, Mr Adedayo Adelabu, has commended the judiciary for attracting private investment into the power sector.
Adelabu gave the commendation in Abuja on Tuesday, at the Nigerian Electricity Regulatory Commission (NERC) fourth seminar for Judges with the theme:`’Reforms in the Nigerian Electricity Sector Towards Sustainability”.
He said that the judiciary’s pivotal role through notable pronouncements had contributed significantly to attracting private investment into the power sector.
According to him, the judiciary has helped the Nigeria Electricity Supply Industry (NESI) with notable pronouncements and its act of goes far in attracting private investment in the power sector.
”In the financial services industry, we say that investments will only follow certainty; and there appears to be no greater means of providing certainty than predictable, clear and logical judicial precedent that is dispensed by a competent bench.
”As we navigate our path towards a more commercially viable electricity market that is characterised, legal and contractual obligations.
”The importance to understand the peculiar and nuanced nature of a regulated electricity market becomes even more imperative,” he said.
The minister said that the country had started the journey towards critical reforms in the power sector to produce revolutionary results.
He noted that previous administrations had contributed immensely in this regard but the legislative changes that occurred in the past years had placed the sector on the path of a total paradigm shift.
He also said that the legal profession had been able to achieve successes through reforms that were geared towards sustainability.
” These reforms have been consistently developed and deployed over a period of time; and supported with the required resources to achieve results.
“ If the power sector has received the same consistent reforms supported by required resources, we will have more desirable results in NESI, ‘’ he said.
On the seminar, the minister said it was a laudable initiative towards building the capacity of the judiciary.
He said it would help to achieve the desired objective of predictable, clear and logical judicial precedent in matters affecting the power sector.
“This seminar is also part of the broader vision of the commission and the National Judiciary Institute (NJI) to engage members of the judiciary on important developments in the sector,” he said.
Declaring the workshop open, the Chief Justice of Nigeria (CJN), Justice Olukayode Ariwoola, said that judicial officers should not only understand the process and policies of government in NESI.
Represented by Justice Salisu Abdullahi, Administrator, NJI, Ariwoola said that judicial officers should also comprehend the contexts in which these policies are meant to be applied.
“Considering the statutory mandate of NERC and NJI, the theme of this seminar aligns perfectly with recent reforms and innovations emerging from the amended constitution, and the electricity Act.
“Therefore, this workshop is tailored for capacity building of judicial officers on the evolving issues in NESI.” he said.
The Chairman, Senate Committee on Power, Sen Enyinnaya Abaribe, in a goodwill message said that there was need for collaboration between the Federal and State Governments towards implementing the multi-tier electricity market.
Abaribe said that the collaboration between the Federal and State Government in the power sector required more partnership with the judiciary.
Earlier, Mr Sanusi Garba, Chairman, NERC, said that the seminar aimed to stimulate a discourse on emerging legal issues relating NESI and to apprise the judiciary of the recent changes in the regulatory landscape.
He said that during the two days event, presentations on typical industry issues by professors, lawyers, investors including the architects of the electricity Act would be carried out.
”We therefore, invite your Lordships and invited guests to very engaging sessions”, he added.