Sanwo-Olu Inaugurates Lagos Electricity Regulator Board To Strengthen Power Market
Korede Abdullah 
Lagos Governor Babajide Sanwo-Olu
LAGOS, Nigeria – Lagos State Governor Babajide Sanwo-Olu inaugurates the board of the Lagos State Electricity Regulatory Commission (LASERC), marking a major step toward implementing the Lagos State Electricity Law 2024 and strengthening power sector regulation in the state.
The governor swears in the five-member board on Monday, appointing energy financing expert Alexander Akinwunmi Ogunbiyi as non-executive chairman, while Temitope George assumes office as the commission’s chief executive officer.
Officials say the move accelerates Lagos’ transition from legislation to building a robust regulatory institution capable of supporting a modern electricity market.
Speaking during the inauguration ceremony, Sanwo-Olu emphasises that the commission will provide leadership and direction for the state’s electricity sector while encouraging investment.
“The LASERC board now has the opportunity to collaborate with stakeholders and deliver regulatory reforms that strengthen the electricity sector for the benefit of Lagosians,” the governor says.
Sanwo-Olu notes that the electricity law aligns with the Federal Electricity Act 2023, establishing a transparent, competitive and investor-friendly market while creating a State Electrification Fund to expand access in underserved communities.
The governor urges the commission to work closely with operators to improve efficiency and reduce the burden of electricity costs on residents.
Commissioner for Energy and Mineral Resources Abiodun Ogunleye says the regulator will oversee licensing, tariff regulation, consumer protection and market monitoring.
Responding on behalf of the board, chairman Ogunbiyi pledges accountability and collaboration with industry operators to meet the expectations of Lagos residents.
Other board members include Bello Wasiu Oladimeji, Adekunle Olopade, and Olakunle Falola.
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