Sanwo-Olu Inaugurates LASERC Board

The Governor of Lagos State, Babajide Olusola Sanwo-Olu, has inaugurated a five-member board for the Lagos State Electricity Regulatory Commission (LASERC), marking a significant step toward strengthening the state’s electricity market.

Eko Hot News reports that the inauguration represents another phase in the implementation of the Lagos State Electricity Law 2024, which empowers Lagos to regulate electricity activities within the state.

The newly inaugurated board will oversee regulatory policies aimed at building a modern, reliable and efficient electricity system for residents and businesses.

Governor Sanwo-Olu approved the appointment of Alexander Akinwunmi Ogunbiyi as Chairman of the LASERC Board in a non-executive capacity.

Ogunbiyi is widely recognised as an energy financing expert with more than three decades of leadership experience in the energy sector.

The governor also appointed Temitope George as the Chief Executive Officer of the commission.

George is described as a seasoned legal, regulatory and governance professional with experience in energy sector policy and administration.

The establishment of the board is expected to strengthen the institutional framework guiding electricity regulation in Lagos State.

Government officials noted that the initiative will enhance transparency, fairness and regulatory certainty within the electricity market.

They also explained that the board will play an important role in building investor confidence and encouraging new investments in the energy sector.

According to Governor Sanwo-Olu, the full operation of LASERC will provide leadership and direction for electricity development across Lagos.

He stated that the commission will work closely with industry stakeholders to ensure the growth and sustainability of the electricity market.

The governor added that the board has the responsibility of supporting regulatory reforms that benefit residents and businesses.

Sanwo-Olu noted that the inauguration aligns with broader efforts to improve power supply and strengthen the energy sector in the state.

The governor also explained that the regulatory framework will encourage competition and efficiency among electricity providers.

He emphasised that the commission’s role is to create an enabling environment that allows operators to perform effectively.

Sanwo-Olu further highlighted that the law establishing the commission is aligned with the Federal Electricity Act 2023.

The alignment provides a legal structure that supports an independent and competitive electricity market.

According to the governor, the new framework will also facilitate the creation of a State Electrification Fund aimed at supporting electricity access in underserved communities.

He noted that the initiative reflects the state government’s commitment to inclusive development and improved infrastructure.

Sanwo-Olu encouraged the newly inaugurated board members to maintain strong collaboration with stakeholders in the electricity sector.

He also advised the commission to remain accessible to operators, investors and residents.

The governor emphasised that LASERC was established to guide the growth of the electricity industry rather than create obstacles for operators.

According to him, effective collaboration between regulators and electricity providers is essential for sustainable progress.

Energy experts have described the inauguration of the board as an important step in strengthening Lagos’ electricity governance.

They noted that clear regulations and institutional capacity are key factors in attracting investment into the energy sector.

Observers also believe that the initiative will contribute to improved electricity services across Lagos State.

The board is expected to work with public and private sector partners to improve electricity infrastructure and service delivery.

Officials expressed optimism that the commission will help build a competitive and reliable electricity ecosystem in Lagos.

They also emphasised that strong regulatory leadership will support the long-term development of the state’s power sector.

Residents and businesses are expected to benefit from policies that improve efficiency and reliability in electricity supply.

The Lagos State Government reiterated its commitment to strengthening infrastructure and supporting economic growth through improved energy systems.