Governor Babajide Sanwo-Olu has inaugurated the board of the Lagos State Electricity Regulatory Commission (LASERC), marking a step toward strengthening electricity sector governance and improving power supply in the state.
The inauguration took place on Monday at Lagos House, Ikeja.
The move forms part of Lagos State’s efforts to build a sustainable and investor-friendly electricity market following the enactment of the Lagos Electricity Law in alignment with the Electricity Act 2023.
What they are saying
Governor Sanwo-Olu said the inauguration represents a significant milestone in Lagos State’s plan to create a reliable electricity market capable of supporting economic growth and improving power access for residents and businesses.
He noted that the establishment of the commission followed the passage of the Lagos Electricity Law by the Lagos State House of Assembly, which provides the legal framework for regulating electricity activities within the state.
“Gov. Babajide Sanwo-Olu of Lagos State, on Monday, inaugurated the board of the Lagos State Electricity Regulatory Commission at Lagos House Ikeja,” the NAN report read in part.
It added, “The governor said the inauguration marked a crucial step in the state’s efforts to build a sustainable energy future and create a more reliable electricity market for residents and businesses.”
Sanwo-Olu said the law was designed to create an independent, transparent, and investor-friendly electricity market, while establishing a state electricity fund to support underserved and unserved communities. He added that the regulatory commission would oversee electricity activities across the state and promote collaboration among stakeholders.
Sanwo-Olu noted that Lagos has a unique opportunity to reform its electricity market because the operations of the two electricity distribution companies serving the state are largely concentrated within its territory. He said the regulatory framework is expected to improve electricity supply and enable Lagos to support a 24-hour economy.
The governor stated that the state government expects the commission to strengthen oversight of electricity activities and encourage collaboration among stakeholders in the sector.
He reiterated the government’s commitment to expanding public lighting and energy infrastructure across the state.
According to him, more than 4,000 street lights have already been installed across Lagos to improve safety and support night-time economic activities.
Commissioner for Energy and Mineral Resources, Biodun Ogunleye, said the commission would oversee licensing, tariff regulation, consumer protection, market monitoring, and governance of electricity activities within Lagos.
Ogunleye added that the board would help ensure transparency and regulatory certainty while boosting investor confidence in the state’s electricity market.
Get up to speed
Governor Sanwo-Olu had, in 2024, approved the constitution of the Lagos State Electricity
Regulatory Commission (LASERC), a key initiative aimed at advancing the state’s energy sector. This development followed the signing of the Lagos Electricity Bill 2024 into law by the governor earlier in December.
The commission is designed to help create a sustainable and innovative energy framework for Lagos State.
It is also subject to confirmation by the Lagos State House of Assembly as part of its operational structure.
However, the governor disclosed that an earlier attempt to inaugurate the board about a year ago did not produce the desired outcome due to internal challenges and the competing national assignments of some nominated members.
The new inauguration is expected to allow the commission to fully commence operations and drive electricity market reforms in the state.
What you should know
In December 2024, Governor Sanwo-Olu signed the Lagos Electricity Bill 2024 into law, marking a significant step toward the state’s energy independence.
The development followed the Federal Government’s 2023 approval, granting states the authority to generate and distribute electricity.
The law replaces the Lagos State Power Sector Reform Law of 2018 and establishes the Lagos State Electricity Regulatory Commission (LASERC) to oversee the electricity market, regulate power generation, and set tariffs.
It also created the Lagos State Electrification Agency to promote off-grid solutions and expand electricity access in underserved communities.
A major highlight of the legislation is the Lagos Electrification Fund, which is designed to finance grid expansion and off-grid electricity projects across the state.
The law also provides for an Independent System Operator to manage grid operations and a Power Enforcement Unit to combat electricity theft.
Through these reforms, the Lagos State Government aims to improve power reliability, attract investment, and support the development of a sustainable electricity market capable of delivering a consistent electricity supply to residents and businesses.
