Governor Babajide Sanwo-Olu has officially inaugurated the five-member Board of the Lagos State Electricity Regulatory Commission (LASERC), a move aimed at operationalizing the Lagos State Electricity Law and strengthening the institutional framework of the state’s energy sector.
The inauguration, held on Monday, marks a significant step in the state’s effort to transition from legislative groundwork to the establishment of an independent, reliable, and investor-friendly electricity market.
The Governor appointed Mr. Alexander Akinwunmi Ogunbiyi, an energy financing expert with over 30 years of experience, to serve as the non-executive Chairman of the Board.
Mrs. Temitope George, a seasoned legal and regulatory governance executive, was appointed as the Commission’s Chief Executive Officer.
During the swearing-in ceremony, Governor Sanwo-Olu emphasized that the Commission is not intended to act as a hurdle for industry operators, but as a collaborative body designed to foster growth and ensure consumers receive value for their money.
He tasked the Board with unbundling power distribution, attracting further private investment, and deploying advanced technology to enhance market efficiency.
The mandate of the Board aligns with the Lagos State Electricity Law of 2024, which complements the Federal Electricity Act of 2023. This regulatory framework grants LASERC the authority to oversee all electricity utilities and providers within the state, including the administration of a State Electrification Fund specifically targeted at underserved communities.
The Governor stressed that the agency must remain accessible to all stakeholders and maintain transparency to drive investor confidence.
Lagos State Commissioner for Energy and Mineral Resources, Mr. Abiodun Ogunleye, noted that the Commission would be responsible for essential regulatory functions such as licensing, tariff regulation, consumer protection, and market monitoring.
He described the development as a realization of the Governor’s vision for a power sector capable of supporting the economic ambitions of Nigeria’s largest megacity.
In his response, the Chairman, Mr. Ogunbiyi, thanked the Governor for the trust placed in the Board and pledged to carry out the Commission’s mission with accountability and dedication.
He assured the public that the Board would work collaboratively with industry operators to meet the expectations of Lagos residents.
The Board is rounded out by three additional members: Mr. Bello Wasiu Oladimeji, a distribution and loss-reduction specialist; Engr. Adekunle Olopade, an expert in power systems and telecommunications, and Mr. Olakunle Falola, who will oversee Licensing and Compliance.
