Governor Babajide Sanwo-Olu has approved the constitution of the Lagos State Electricity Regulatory Commission (LASERC), a key initiative aimed at advancing Lagos State’s energy sector.
This development follows the signing of the Lagos Electricity Bill 2024 into law by the governor earlier in December.
The disclosure was contained in a press release from the Office of the Special Adviser to the Governor (Media and Publicity) on Monday.
“The governor has approved the constitution of the Lagos State Electricity Regulatory Commission (LASERC), a critical step in advancing the State’s energy sector” the statement noted.
The commission, which is subject to confirmation by the Lagos State House of Assembly, will focus on creating a sustainable and innovative energy framework for the state.
The statement also announced Governor Babajide Sanwo-Olu’s approval of key appointments for the Lagos State Electricity Regulatory Commission (LASERC).
Here are the appointees and their designations:
- Engr. Abimbola Odubiyi has been named Chairman and Non-Executive Commissioner of LASERC, according to the statement. A pioneer commissioner with NERC, he brings decades of experience in electricity market operations and regulatory reforms.
- Dr. Fouad Animashaun will serve as Executive Commissioner and CEO, leveraging his expertise in energy policy and public-private partnerships. He holds a PhD in Energy Policy from the University of Dundee and has advised on power sector reforms.
- Mrs. Kofo Olokun-Olawoyin, appointed Executive Commissioner for Legal Advisory, Registration, and Licensing, has a strong background in legal advisory and regulatory compliance, with prior roles at Eko Electricity Distribution Plc and Transcorp Group.
- Engr. Oluwaseun Fadare, the new Executive Commissioner for Engineering and Standards, brings extensive experience in power plant management and holds a PhD in Technology Management.
- Barr. Bunmi Benson will serve as Market Operator, focusing on developing a transparent electricity marketplace, according to the statement. Her expertise spans energy law and digital innovations.
LASERC is expected to transform the state’s energy landscape and ensure reliable power supply.
What you should know
Earlier in December, Lagos State Governor Babajide Sanwo-Olu signed the Lagos Electricity Bill 2024 into law, marking a significant step toward the state’s energy independence.
This follows the Federal Government’s 2023 approval granting states the authority to generate and distribute electricity. The Lagos State Government has stated that the Bill could pave the way for 24-hour electricity across the state.
- Replacing the Lagos State Power Sector Reform Law of 2018, the new legislation establishes the Lagos State Electricity Regulatory Commission (LASERC) to oversee the electricity market, regulate power generation, and set tariffs.
- It also created the Lagos State Electrification Agency to promote off-grid solutions and improve electricity access in underserved areas.
- A major highlight of the Bill is the Lagos Electrification Fund, designed to finance grid expansion and off-grid projects. It also introduces an Integrated Electricity Policy focused on renewable energy, energy efficiency, and decarbonization, laying out a roadmap for sustainable power supply with active private-sector participation.
The Bill further provides for an Independent System Operator to manage grid operations and a Power Enforcement Unit to combat electricity theft.
With these measures, Lagos aims to enhance power reliability, attract investment, and lead Nigeria’s energy transition, ensuring consistent and sustainable electricity for its residents.