ICAN Past Chairman Mr Olusesan Samuel Okunade, FCA, FCTI.
Nigeria’s electricity sector remains one of the country’s biggest development challenges despite decades of reforms and investments, according to renowned finance, taxation, and energy expert ICAN Past Chairman, mr Olusesan Samuel Okunade, FCA, FCTI.
Speaking during an Institute of Chartered Accountants of Nigeria (ICAN) programme, Okunade said Nigeria’s electricity industry is still unable to meet the nation’s rapidly growing energy demand, with significant implications for economic growth, industrialisation, and the quality of life of millions of Nigerians.
Nigeria’s Electricity Gap
Okunade explained that the Nigerian Electricity Supply Industry (NESI) consists of three critical segments—generation, transmission, and distribution—which together are responsible for producing and delivering electricity across the country.
He noted that although Nigeria has 23 grid-connected power plants with a combined installed generation capacity of about 11,165 megawatts (MW), only 4,000 to 5,000 MW is typically delivered to consumers.
According to him, this output is grossly inadequate when compared with the country’s estimated electricity demand of over 40,000 MW, leaving households and businesses heavily dependent on expensive alternative power sources.
“The gap between available electricity and national demand continues to undermine economic productivity, discourage investment, and increase the cost of doing business,” he said.
Major Challenges Facing the Power Sector
Okunade identified several structural problems responsible for the sector’s poor performance, including:
Persistent gas supply shortages to thermal power plants.
Weak transmission infrastructure that limits power evacuation.
Aging and obsolete electricity infrastructure.
Frequent national grid disturbances and system collapses.
Operational inefficiencies across the electricity value chain.
Inadequate investment in infrastructure.
Liquidity challenges affecting market participants.
He stressed that addressing these issues requires coordinated action by government, regulators, investors, and electricity operators.
Need for Sustainable Reforms
The ICAN Psst Chairman argued that reforms should no longer focus solely on increasing electricity generation but must also strengthen transmission and distribution networks.
According to him, investments in modern technology, smart metering, improved billing systems, and efficient revenue collection are essential for achieving a sustainable electricity market.
He also emphasised the importance of creating policies that encourage private sector investment while ensuring transparency and accountability across the industry.
Expert Profile
Olusesan Samuel Okunade possesses more than two decades of professional experience spanning banking, taxation, consulting, energy, and business operations.
He currently serves as Partner, Operations at Adroit Metering Services Limited, where he provides strategic leadership for one of Nigeria’s leading Meter Service Providers.
He holds HND, B.Sc., and MBA (Finance) qualifications and is a Fellow or member of several professional bodies, including the Institute of Chartered Accountants of Nigeria (ICAN), the Chartered Institute of Taxation of Nigeria (CITN), the Institute of Public Management Association (IPMA-UK), and other professional institutions.
Throughout his career, he has held leadership positions in taxation and consulting, including serving as Team Lead, Tax at Rightlinks Consulting, while also playing a pioneering role in the deployment of Nigeria’s online electricity prepayment vending system and Metering-to-Cash solutions.
Beyond corporate leadership, Okunade is widely recognised as a public affairs commentator, frequently providing expert analysis on taxation, public finance, fiscal policy, and the energy sector on major broadcast platforms, including TVC News, Channels Television, NTA, News Central, Voice of the People (VOP), and several radio stations.
His professional leadership also extends to ICAN, where he served as Past Chairman of the Ikeja & District Society of ICAN and Western Zonal Treasurer of ICAN, demonstrating his commitment to advancing the accounting profession and promoting sound governance.
What This Means for Nigeria
Industry experts believe that closing Nigeria’s electricity deficit remains critical to achieving sustainable economic growth, boosting manufacturing, creating jobs, and attracting foreign investment.
With electricity demand projected to rise further due to population growth and industrial expansion, stakeholders agree that comprehensive reforms addressing generation, transmission, distribution, metering, and market liquidity will be essential to unlocking the full potential of Nigeria’s power sector.
Okunade maintained that a reliable electricity supply is not merely an infrastructure issue but a fundamental driver of national competitiveness and long-term economic prosperity.
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