- Babajide Sanwo-Olu Launches Electricity Regulatory Commission Board
- Appoints Alexander Akinwunmi Ogunbiyi as LASERC Chairman
- The law empowers LASERC to regulate electricity utilities and service providers within Lagos
Governor Babajide Sanwo-Olu on Monday inaugurated a five-member board of the Lagos State Electricity Regulatory Commission (LASERC) as part of efforts to operationalise the state’s electricity law and strengthen the regulatory framework for the power sector.
Eko Hot Blog reports that the move marks a significant step in Lagos State’s plan to develop a modern, reliable and independent electricity market.
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Sanwo-Olu approved the appointment of Alexander Akinwunmi Ogunbiyi, an energy financing expert with over three decades of experience, as the non-executive chairman of the board.
Temitope George, a legal and governance professional, was also appointed as the Chief Executive Officer of the commission.
The governor said the inauguration of the board represents Lagos State’s transition from legislation to building the institutional structure needed to transform the electricity market.
According to him, the board will play a key role in promoting transparency, fairness, regulatory certainty and investor confidence within the state’s electricity ecosystem.
Sanwo-Olu noted that the full operation of the commission would provide leadership and direction for the electricity market, while also encouraging investment and improving power distribution across the state.
He explained that the establishment of the commission followed the enactment of the Lagos State Electricity Law 2024, which aligns with the Electricity Act 2023 at the federal level.
The law empowers LASERC to regulate electricity utilities and service providers within Lagos and also establishes a State Electrification Fund aimed at supporting underserved communities.
The governor urged the new board to collaborate with stakeholders in the sector and ensure that regulatory reforms improve service delivery while protecting consumers from excessive electricity pricing.
Sanwo-Olu added that the commission must adopt modern technology and efficient systems to improve the performance of the electricity market and attract more investors.
Also speaking, the Commissioner for Energy and Mineral Resources, Abiodun Ogunleye, said the commission would oversee licensing, tariff regulation, consumer protection and market monitoring within the state.
According to him, these responsibilities are critical to building a reliable and efficient power sector capable of supporting the economic growth of Lagos.
Responding on behalf of the board, Ogunbiyi thanked the governor for the opportunity and assured residents that the commission would carry out its responsibilities with accountability and dedication.
Other members of the board include Bello Wasiu Oladimeji (non-executive member), Adekunle Olopade (executive member) and Olakunle Falola, who will serve as executive member in charge of licensing and compliance.
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