Electricity is indispensable to the socio-economic and industrial development of the nation. Indeed, the electric power sector represents the most strategic and important infrastructure requirement for moving the economy of a nation forward. Nigeria, one of the fast developing economies in the world, is electrical energy deficient for both household and industrial consumption and demand. A recent federal government report indicated that about 60% of Nigerians are still without electricity just as more than 25 million households are yet to have access to electricity in the first quarter of 2014. Further, as of the first quarter of 2014, the report placed the peak demand forecast at 12,800mw, with current peak generation only at 4,151mw. Nigeria’s power sector had operated for several decades as the state monopoly until 2005. Only the Federal Government could own electricity generation, transmission and distribution facilities, with all the profound problems inherent in public monopoly.