Sanwo-Olu Inaugurates Lagos Electricity Regulatory Commission Board
Sanwo-Olu Inaugurates Lagos Electricity Regulatory Commission Board
March 13, 2026
The Governor of Lagos State, Babajide Sanwo-Olu, has inaugurated the board of the Lagos State Electricity Regulatory Commission (LASERC) as part of efforts to strengthen the state’s electricity market and regulatory framework.
The inauguration of the five-member board marks a key step in implementing the Lagos State Electricity Law 2024, which aims to establish a modern, reliable, and independent electricity market in the state.
Key Appointments
Governor Sanwo-Olu approved the appointment of Alexander Akinwunmi Ogunbiyi, an energy financing expert with more than three decades of leadership experience, as Chairman of the board in a non-executive capacity.
He also appointed Temitope George, a legal, regulatory, and governance professional, as the Chief Executive Officer of LASERC.
Other members of the board include:
- Bello Wasiu Oladimeji – Non-Executive Member
- Adekunle Olopade – Executive Member
- Olakunle Falola – Executive Member in charge of Licensing and Compliance
Strengthening Lagos Electricity Market
Speaking during the inauguration, Babajide Sanwo-Olu said the commission would provide leadership and direction for the electricity market in Lagos.
According to him, the establishment of the board would help unbundle power distribution, strengthen regulation, and attract investment into the sector.
“The LASERC board now has the opportunity to establish collaboration and work together with stakeholders in the sector. The mandate of the board is to serve the interests of Lagosians and bring about purposeful regulatory reform that will strengthen the sector,” the governor said.
He explained that the law aligns with the Electricity Act 2023, which allows states to regulate their own electricity markets and create frameworks for independent power development.
Sanwo-Olu also noted that the law created a State Electrification Fund aimed at expanding electricity access to underserved communities across Lagos.
Ensuring Fair Pricing and Investor Confidence
The governor urged the commission to ensure fair pricing, protect consumers, and create a business-friendly environment that would attract investors into the electricity sector.
He stressed that the regulatory body should collaborate with industry operators to improve efficiency and ensure Lagos residents get value for their money.
“The commission must make itself accessible to all stakeholders and must not be the cog in the wheel of progress in the industry,” he said.
Government’s Vision for Reliable Power
The Lagos State Ministry of Energy and Mineral Resources Commissioner, Abiodun Ogunleye, said the commission would oversee licensing, tariff regulation, consumer protection, market monitoring, and governance of electricity activities within the state.
According to him, these responsibilities are essential for building a reliable and efficient power sector capable of supporting the economic ambitions of Lagos as a megacity.
Board Pledges Commitment
Responding on behalf of the board, Alexander Akinwunmi Ogunbiyi thanked the governor for the confidence placed in the members.
He assured that the commission would carry out its responsibilities with accountability, loyalty, and dedication, while working with industry operators to meet the expectations of Lagos residents.