Lagos Sets Bold Energy Goals: Sanwo-Olu Inaugurates Electricity Regulatory Commission

Governor Babajide Sanwo-Olu has approved the formation of the Lagos State Electricity Regulatory Commission (LASERC), marking a pivotal step in advancing Lagos State’s energy sector. This follows the recent signing of the Lagos Electricity Bill 2024 into law, which aims to position the state as a leader in Nigeria’s energy transition.

Strategic Appointments to Drive LASERC’s Vision

The governor’s office, through a press release from the Special Adviser on Media and Publicity, announced the new commission and its leadership team, pending confirmation by the Lagos State House of Assembly. The appointed officials bring diverse expertise to guide LASERC’s mission of ensuring sustainable and innovative energy solutions for Lagos.

Engr. Abimbola Odubiyi, Chairman and Non-Executive Commissioner, is a seasoned energy expert with decades of experience in electricity market operations and regulatory reforms.
Dr. Fouad Animashaun, Executive Commissioner and CEO, holds a PhD in Energy Policy and specializes in public-private partnerships and power sector reforms.
Mrs. Kofo Olokun-Olawoyin, Executive Commissioner for Legal Advisory, Registration, and Licensing, has a background in legal compliance from her roles at Eko Electricity Distribution Plc and Transcorp Group.
Engr. Oluwaseun Fadare, Executive Commissioner for Engineering and Standards, has expertise in power plant management and technology innovation.
Barr. Bunmi Benson, Market Operator, focuses on building a transparent electricity marketplace, leveraging her knowledge of energy law and digital innovation.

Key Features of the Lagos Electricity Bill 2024

The Lagos Electricity Bill 2024, signed into law earlier this month, replaces the 2018 Lagos State Power Sector Reform Law and outlines an ambitious energy framework:

Regulatory Oversight: Establishes LASERC to manage the electricity market, regulate power generation, and set tariffs.
Electrification Agency: Launches the Lagos State Electrification Agency to promote off-grid energy solutions and improve electricity access in underserved communities.
Lagos Electrification Fund: Introduces a dedicated fund for grid expansion and off-grid projects, encouraging investments in renewable energy and decarbonization.
Integrated Electricity Policy: Focuses on renewable energy, energy efficiency, and sustainable power solutions with active private-sector involvement.
Independent System Operator: Provides for an independent entity to oversee grid operations and a Power Enforcement Unit to curb electricity theft.

Advancing Energy Independence and Sustainability

The 2024 Bill is expected to pave the way for 24-hour electricity in Lagos by enabling the state to generate, distribute, and regulate its power supply. This aligns with the Federal Government’s 2023 approval allowing states to independently manage electricity generation and distribution.

With these reforms, Lagos is set to:

Improve energy reliability.
Attract domestic and foreign investments.
Lead Nigeria’s energy transition with a focus on renewable energy and decarbonization.

What This Means for Lagosians

LASERC and the new energy policies are designed to transform Lagos’s electricity landscape, ensuring consistent power supply, promoting innovation, and fostering economic growth. Residents can look forward to sustainable and reliable energy solutions as Lagos strives to become a model for energy independence in Nigeria.