Governor Babajide Sanwo-Olu has inaugurated the five-member board of the Lagos State Electricity Regulatory Commission (LASERC).
The move operationalises the Lagos State Electricity Law 2024 and signals the state’s shift from legislative planning to active regulation of its power sector.
Officials said the initiative aims to restructure electricity distribution, strengthen oversight, and attract private investment into Nigeria’s commercial hub.
Sanwo-Olu appointed Alexander Akinwunmi Ogunbiyi, an energy finance professional with more than three decades of experience, as non-executive chairman.
Temitope George, a governance and legal expert, will serve as Chief Executive Officer of the commission.
Other members of the board include Bello Wasiu Oladimeji, a non-executive, a specialist in revenue assurance and electricity metering.
Adekunle Olopade, executive, is a power systems engineer with experience in national electricity projects.
Olakunle Falola, executive, former CEO of Marine Power Group, responsible for licensing and compliance.
While swearing in the board members, the governor urged them to ensure efficiency, fairness and value for consumers in the electricity market.
READ ALSO
“The commission must not be the cog in the wheel of progress in the industry,” Sanwo-Olu said. “The mandate of the board is to serve the interests of Lagosians and bring about purposeful regulatory reforms that will reduce the burden of overpricing on consumers.”
He also stressed the importance of deploying modern technology to monitor performance and strengthen investor confidence.
The Commissioner for Energy and Mineral Resources, Abiodun Ogunleye, outlined the commission’s key responsibilities, which include: licensing electricity operators and regulating tariffs, protecting consumers from poor service and unfair pricing, monitoring market competition and transparency and managing the State Electrification Fund for underserved communities.
The creation of LASERC aligns with the Electricity Act 2023, which empowers Nigerian states to regulate electricity generation, transmission and distribution within their jurisdictions.
Ogunbiyi pledged that the commission would work closely with industry stakeholders to meet the energy demands of Lagos’ rapidly growing population.-
