Governor Babajide Sanwo-Olu of Lagos State on Monday inaugurated the board of the Lagos State Electricity Regulatory Commission (LASERC) at Lagos House, Ikeja.
Speaking at the ceremony, Sanwo-Olu called on board members to work collaboratively to strengthen the state’s electricity sector and attract investment into power infrastructure. He described the inauguration as a crucial step toward building a sustainable energy future and creating a reliable electricity market for both residents and businesses.
Acknowledging an earlier attempt to set up the board about a year ago that did not achieve desired results due to internal challenges, the governor expressed confidence in the newly inaugurated members. “This inauguration presents a rare opportunity for you to work collaboratively and effectively for the benefit of Lagos,” he said.
Sanwo-Olu explained that the commission was established following the enactment of the Lagos Electricity Law by the Lagos State House of Assembly, in alignment with the Electricity Act 2023. The law aims to create an independent, transparent, and investor-friendly electricity market while also establishing a state electricity fund to support underserved and unserved communities.
“What we are doing today is giving light, leadership, and direction to that goal through the board that we are inaugurating,” the governor said, emphasising that the commission’s role extends beyond regulation to enabling collaboration among stakeholders and attracting investment.
Highlighting Lagos’ unique position in electricity market reform, Sanwo-Olu said, “When we get it right in Lagos, other states and regulatory commissions will come to learn from us.” He also reiterated the state government’s commitment to improving public lighting, noting that over 4,000 street lights have already been installed to boost safety, night-time economic activities, and residents’ quality of life.
Earlier, Commissioner for Energy and Mineral Resources, Mr. Biodun Ogunleye, described the inauguration as a major milestone in operationalising the Lagos Electricity Law. He said the commission will oversee licensing, tariff regulation, consumer protection, market monitoring, and the governance of electricity activities within the state, while ensuring transparency, fairness, and investor confidence.
The commissioner added that the ministry would continue to work closely with the board to expand electricity access, strengthen energy security, and support Lagos’ economic growth.
