Governor Babajide Sanwo-Olu is pushing for lower energy costs for Lagos residents, urging the state’s electricity regulator to adopt a system that eases the burden of overpricing on consumers while fostering a fair and balanced market.
The Governor made the call while inaugurating 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.
Electricity in Nigeria is split into five tariff classes, labeled A to E, with Band A being the priciest for residential users. In 2026, the Nigerian Electricity Regulatory Commission (NERC) approved a hike in the cost per kWh, raising it from around ₦66 to ₦225 for the country’s various distribution companies (DisCos).
LASERC, Sanwo-Olu said, must demonstrate exemplary leadership in its statutory responsibilities so that other states can learn from it.
“Electricity is not a new business; it is only the technology that is changing the environment. The Commission must deploy A-grade technology to support 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.
Alexander Akinwunmi Ogunbiyi, an energy financing expert with over three decades of leadership experience, will serve as Chairman of the Board in a non-executive capacity, and Temitope George, a seasoned legal, regulatory, and governance executive, is LASERC Chief Executive Officer.
Other members of the Board include Bello Wasiu Oladimeji (Non-Executive), a results-driven electricity industry professional with over two decades of 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, 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.
The board inauguration has further accelerated Lagos’ gradual transition from the legislation phase to building an institutional backbone that will transform the state’s electricity market.
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 the 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 board is to serve the interests of Lagosians and bring about purposeful regulatory reform to 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 value for their money.
Commissioner for Energy and Mineral Resources, 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 new electricity market framework created by recent national reforms.”
Ogunbiyi thanked the Governor, 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.
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