Governor Babajide Sanwo-Olu has formally inaugurated the board of the Lagos State Electricity Regulatory Commission (LASERC), a key step in operationalizing the Lagos State Electricity Law 2024 and strengthening the state's independent electricity market framework.
The inauguration ceremony took place on Monday at Lagos House, Ikeja, following the governor's recent signing of the state electricity law, which aligns with the Federal Electricity Act 2023 to empower Lagos in regulating its power sector more effectively.
Governor Sanwo-Olu charged the new board to drive purposeful reforms, foster collaboration with stakeholders, ensure transparency, protect consumers from overpricing, and create an investor-friendly environment that supports reliable, efficient, and competitive electricity supply.
"The full operation of this agency will give life, leadership, and direction to the Lagos electricity market," Sanwo-Olu said.
He emphasized that LASERC was established not to create obstacles but to enable industry growth, attract investment, deploy advanced technology, de-risk the sector, and unbundle the market for better outcomes.
He urged the board to lead by example, making Lagos a model for other states in electricity regulation.
The five-member board comprises experienced professionals in energy, regulation, and governance:
Chairman (Non-Executive): Mr. Alexander Akinwunmi Ogunbiyi, an energy financing expert with over 30 years of leadership experience.
Chief Executive Officer: Mrs. Temitope George, a seasoned legal, regulatory, and governance executive.
Non-Executive Member: Mr. Bello Wasiu Oladimeji, with more than two decades in electricity distribution, revenue assurance, customer management, metering, billing, and loss reduction.
Executive Member (Engineering and Standards): Engr. Adekunle Olopade, an expert in power systems, telecommunications, and national electricity projects.
Executive Member (Licensing and Compliance): Mr. Olakunle Falola, former CEO of Marine Power Group, with extensive experience in Nigeria’s power and gas infrastructure.
LASERC's core functions include licensing electricity providers, setting fair tariffs, enforcing compliance, protecting consumers, monitoring the market, and promoting innovation such as renewable energy and efficient systems.
The commission will also support the creation of a State Electrification Fund to address underserved areas.Commissioner for Energy and Mineral Resources, Mr. Abiodun Ogunleye, highlighted that the board will build a reliable power sector to anchor Lagos' economic ambitions and lead national reforms in electricity governance.
Board Chairman Ogunbiyi thanked the governor for the trust placed in the team and pledged to discharge their duties with accountability, dedication, and collaboration to meet the expectations of Lagos residents.
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