Governor Babajide Sanwo-Olu, on Monday, took another bold step to operationalise the Lagos State Electricity Law and strengthen the institutional framework required for effective regulation of the electricity market in the State.

The Governor inaugurated a five-man Board of the Lagos State Electricity Regulatory Commission (LASERC), marking a major milestone in the State's journey toward building a modern, reliable and independent electricity market.

Sanwo-Olu approved the appointment of Mr. Alexander Akinwunmi Ogunbiyi, an energy financing expert with over three decades of leadership experience, to serve as Chairman of the Board in Non-Executive capacity.

Mrs. Temitope George, a seasoned legal, regulatory, and governance executive, was appointed by the Governor as the LASERC Chief Executive Officer.

The move has further accelerated Lagos' gradual transition from the phase of legislation to building institutional backbone that will transform the electricity market in the State.

The Board will play a pivotal role in strengthening transparency, fairness, regulatory certainty and investor confidence in the Lagos electricity ecosystem.

Swearing in the LASERC Board members, Sanwo-Olu said the full operation of the agency would give life, leadership and direction to Lagos electricity market, stressing that the inauguration of the Commission's Board would further unbundle power distribution and attract more investment in the sector.

He said: "The LASERC Board now has the opportunity to establish collaboration and work together with the stakeholders in the sector. The mandate of the Board is to serve the interests of Lagosians and bring about purposeful regulatory reform that will strengthen the sector.

"The Board inauguration follows the enactment of the Lagos State Electricity Law 2024, which is in alignment with the Federal Electricity Act 2023. This establishes an independent, transparent, competitive and investor-friendly regulatory market which created the State Electrification Fund in underserved communities.

"This law formally empowers LASERC as a regulator of all electricity utilities and providers in Lagos. The Board's activities will give life, leadership and direction in the sector. The agency must make itself accessible to all stakeholders in the market and must not be the cog in the wheel of progress in the industry."

Sanwo-Olu reminded the Board members that the regulatory commission was not established to create a snag in the market, but to collaborate with operators to make the industry flourish and give Lagosians the value for their money.

The Governor urged the regulator to bring about a system in the State's electricity market that would lessen the burden of overpricing on consumers and create a win-win market.

LASERC, Sanwo-Olu said, must show exemplary leadership in its statutory responsibilities for other states to copy and learn from.

"Electricity is not a new business; it is only the technology that is changing the environment. The Commission must ensure it deployed A-grade technology to support the efficiency in the sector. When this is achieved, more investors will come in with more capital to de-risk and unbundle the market," the Governor said.

Commissioner for Energy and Mineral Resources, Mr. Abiodun Ogunleye, said the Commission would be responsible for overseeing licensing, tariff regulation, consumer protection, market monitoring, and the overall governance of electricity activities within the state.

These responsibilities, the Commissioner noted, are essential to building a power sector that will be reliable, efficient and capable of supporting the economic ambitions of the megacity.

He said: "This moment reflects Mr. Governor's bold leadership and foresight in recognising that sustainable economic growth in Lagos must be anchored on a stable and well-regulated power sector. The Governor's commitment has ensured that Lagos continues to lead the way in implementing the new electricity market framework created by recent national reforms."

In his vote of assurance, Ogunbiyi thanked the Governor for the confidence in the capacity of the Board member, pointing out that the Commission recognised the responsibility and expectation that came with its roles.

"We will carry out our responsibilities and mission with loyalty, accountability and dedication while working collaboratively with operators to meet the expectations of Lagosians," he said.

Other members of the Board include Mr. Bello Wasiu Oladimeji (Non Executive), a results-driven electricity industry professional with over two decades experience in distribution operations, revenue assurance, customer management, metering, billing, and loss reduction; Engr. Adekunle Olopade (Executive Member), who is a power systems, telecommunications, and project management professional with cognate knowledge of national electricity projects.

Also, Mr. Olakunle Falola, an Executive Member in charge of Licensing and Compliance, is a former CEO of Marine Power Group with experience across Nigeria's power and gas infrastructure.

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