Governor Babajide Sanwo-Olu, has urged Board members of Lagos State Electricity Regulatory Commission (LASERC) to encourage a system in the state’s electricity market that would lessen the burden of overpricing on consumers and create a win-win market.
Sanwo-Olu, who gave the charge when he inaugurated a five-man Board of Lagos State Electricity Regulatory Commission (LASERC), also said the regulator must show exemplary leadership in its statutory responsibilities for other state to copy and learn from.
He added:“Electricity is not a new business; it is only the technology that is changing the environment. The commission must ensure it deployed A-grade technology to support the efficiency in the sector. When this is achieved, more investors will come in with more capital to de-risk and unbundle the market.”
He reminded the board members that the regulatory commission was not established to create a snag in the market, but to collaborate with operators to make the industry flourish and give Lagosians value for their money.
He said the full operation of the agency would give life, leadership, and direction to the Lagos electricity market, stressing that the inauguration of the commission’s board would further unbundle power distribution and attract more investment in the sector.
He added:“The LASERC board now has the opportunity to establish collaboration and work together with the stakeholders in the sector. The mandate of the Board is to serve the interests of Lagosians and bring about purposeful regulatory reform that will strengthen the sector.
“The board inauguration follows the enactment of the Lagos State Electricity Law 2024, which is in alignment with the Federal Electricity Act 2023. This establishes an independent, transparent, competitive and investor-friendly regulatory market which created State Electrification Fund in underserved communities.
“This law formally empowers LASERC as a regulator of all electricity utilities and providers in Lagos. The Board’s activities will give life, leadership and direction in the sector. The agency must make itself accessible to all stakeholders in the market and must not be the cog in the wheel of progress in the industry.”
The governor approved the appointment of Mr. Alexander Akinwunmi Ogunbiyi, an energy financing expert with over three decades of leadership experience, to serve as Chairman of the board in Non-Executive capacity.
Mrs. Temitope George, a seasoned legal, regulatory, and governance executive, was appointed by the governor as LASERC’s Chief Executive Officer.
Other members of the board include Mr. Bello Wasiu Oladimeji (Non-Executive), a results-driven electricity industry professional with over two decades of experience in distribution operations, revenue assurance, customer management, metering, billing, and loss reduction; Engr. Adekunle Olopade (Executive Member), a power systems, telecommunications, and project management professional with cognate knowledge of national electricity projects.
Mr. Olakunle Falola, an Executive Member in charge of Licensing and Compliance, is former CEO of Marine Power Group with experience across Nigeria’s power and gas infrastructure.
Speaking, Commissioner for Energy and Mineral Resources, Mr. Abiodun Ogunleye, said the commission would be responsible for overseeing licensing, tariff regulation, consumer protection, market monitoring, and the overall governance of electricity activities within the state.
According to him,those responsibilities were essential to building a power sector that would be reliable, efficient, and capable of supporting the economic ambitions of the megacity.
He said, “This moment reflects Mr. Governor’s bold leadership and foresight in recognising that sustainable economic growth in Lagos must be anchored on a stable and well-regulated power sector.
“The governor’s commitment has ensured that Lagos continues to lead the way in implementing new electricity market framework created by recent national reforms.”