The Governor of Lagos State, Babajide Sanwo-Olu on Monday, March 8, inaugurated the board of the Lagos State Electricity Regulatory Commission (LASERC), marking a key step toward improving governance and power supply in the state.
The inauguration took place at Lagos house, Ikeja, and forms part of Lagos state’s ongoing efforts to build a sustainable and investor-friendly electricity market following the enactment of the Lagos Electricity Law, in alignment with the Federal Electricity Act 2023.
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.
The statement stated, “Govenor Babajide Sanwo-Olu of Lagos State, on Monday, inaugurated the board of LASERC at Lagos house, Ikeja.
“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 explained that the law was designed to create an independent, transparent, and investor-friendly electricity market while establishing a state electricity fund to support underserved communities.
He added that the regulatory commission would oversee electricity activities across the state and promote collaboration among stakeholders.
The governor also highlighted 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.
The regulatory framework is expected to improve electricity supply and support Lagos’ goal of a 24-hour economy.
According to the governor, the state government expects the commission to strengthen oversight of electricity activities and encourage collaboration among sector stakeholders.
He reiterated the government’s commitment to expanding public lighting and energy infrastructure, noting that more than 4,000 street lights have already been installed across Lagos to improve safety and support nighttime economic activities.
The state 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 the state.
He added that the board would ensure transparency and regulatory certainty while boosting investor confidence in Lagos’ electricity market.
Governor Sanwo-Olu had, in 2024, approved the constitution of LASERC, following the signing of the Lagos electricity bill into law in December of the same year.
The commission is designed to create a sustainable and innovative energy framework for Lagos and is subject to confirmation by the Lagos state house of assembly.
The governor explained that an earlier attempt to inaugurate the board about a year ago did not yield the desired outcome due to internal challenges and national commitments 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.
The Lagos Electricity Law replaces the Lagos State Power Sector Reform Law of 2018 and establishes LASERC to oversee the electricity market, regulate power generation, and set tariffs.
It also created the Lagos State Electrification Agency (LSEA) to promote off-grid solutions and expand electricity access in underserved communities.
A major highlight of the legislation is the Lagos electrification fund, which finances grid expansion and off-grid electricity projects across the state.
The law provides for an Independent System Operator (ISO) 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 develop a sustainable electricity market capable of delivering a consistent electricity supply to residents and businesses.
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