The sine qua non of socio –economic development is constant supply of electricity. In Nigeria, reverse has been the case. Since the public corporation that was charged with the onus of electricity power service delivery had become a national tragedy, the nation could not resist the resolve to privatize it. However, since September 2013 when it was deregulated and privatized, power supply has further been deteriorating; leaving the impression that darkness is yet to abate at the end of the tunnel. This paper argues that Nigerians are now discovering the limit of optimism in privatization and that the magic wand for Nigeria’s energy predicament might after all not be privatization. The methodology of study is qualitative and perceptible relying essentially on objective facts and data. The paper though posits that the failed public corporation is a victim of ruling class grand conspiracy ab initio, however did not advocate the derailment of the privatization policy in view of the enormity of the resources that have been committed into it. It nevertheless recommends that the policy would be more result oriented if there are level playing fields for competition through the removal of barriers restricting trade entry and exit. This will thus give room to privatization coupled with competition rather than what currently subsists as privatized monopolies and oligopolie
