- Lagos Electricity Market Gets New Players as Excel and IE Energy Take Over Distribution
- The development represents a milestone in the implementation of the Lagos State Electricity Policy
- Odubiyi described the move as “a defining moment in Lagos’ journey towards a reliable and sustainable electricity market
The Lagos State Electricity Regulatory Commission (LASERC) has officially issued new electricity distribution licences to Excel Distribution Company Limited and IE Energy Lagos Limited, marking the formal takeover of electricity distribution operations from Eko Electricity Distribution Plc and Ikeja Electric Plc.
Eko Hot Blog reports that the development represents a milestone in the implementation of the Lagos State Electricity Policy, was confirmed in a statement signed by LASERC’s Executive Commissioner/Chief Executive Officer, Dr Fouad Animashaun.
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The licence presentation ceremony, held on Thursday at Radisson Blu Hotel, Ikeja, was attended by LASERC Commissioners including Engr. Abimbola Odubiyi (Chairman), Dr Fouad Animashaun (Executive Commissioner/CEO), Mrs Kofo Olokun Olawoyin (Executive Commissioner, Legal, Licensing and Compliance), Engr. Oluwaseun Fadare (Executive Commissioner, Engineering and Standards), and Mr Tunde Gbajumo (Non-Executive Commissioner).
At the signing, Folake Soetan represented IE Energy Lagos Limited, while Sheri Adegbenro signed on behalf of Excel Distribution Company Limited.
“With the newly issued licences, Eko Electricity Distribution Plc and Ikeja Electric have ceased to exist as distribution licensees within the Lagos Electricity Market. The legally recognised electricity distribution entities are now Excel Distribution Company Limited and IE Energy Lagos Limited,” the statement read.
LASERC Chairman, Engr. Abimbola Odubiyi, described the move as “a defining moment in Lagos’ journey towards a reliable and sustainable electricity market,” pledging the Commission’s commitment to independence, transparency, and service delivery.
He expressed appreciation to stakeholders including Governor Babajide Sanwo-Olu, the Lagos State House of Assembly led by Speaker Rt Hon. Mudashiru Obasa, the House Committee on Power chaired by Hon. Akanbi Oluwa, and the Commissioner for Energy and Mineral Resources, Mr Biodun Ogunleye, for their support in establishing the state’s electricity regulatory framework.
