Lagos State Governor Babajide Sanwo-Olu has inaugurated the Lagos State Electricity Regulatory Commission (LASERC) board to oversee and regulate the state’s electricity market.
Mr Sanwo-Olu, in a statement posted on his Facebook page, said the inauguration took place at Lagos House, Ikeja, on Monday.
“Today, I formally inaugurated the Board of the Lagos State Electricity Regulatory Commission at Lagos House, Ikeja. This commission will oversee and regulate the electricity market within Lagos State,” Mr Sanwo-Olu said.
He said the move follows the Lagos State Electricity Law 2024, which was signed last year to give the state a stronger role in how power is managed and delivered.
“LASERC will license electricity providers, set fair tariffs, protect consumers, and help grow a more reliable and competitive energy market in Lagos. It will also support innovation, including renewable energy and more efficient power systems.
“This is an important step in strengthening how electricity is regulated in our state. With this board, we are focused on building a power sector that works better for residents, businesses, and the future of Lagos,” he said.
In March 2023, former President Muhammadu Buhari signed 16 constitutional amendment bills, one of which pertains to the devolution of powers concerning the national grid system. It also provided clarity on the powers of the federal government and states to generate, transmit, and distribute electricity.
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In June 2024, President Bola Tinubu assented to the electricity bill, which authorises states, companies, and individuals to generate, transmit and distribute electricity. The new electricity law repeals the Electric Power Sector Reform Act (EPSRA), signed by President Olusegun Obasanjo in 2005.
With the new law, states would be able to issue licenses to private investors who can operate mini-grids and power plants, but such state licenses are not to extend to interstate or transnational distribution of electricity.
In the same year, the Nigerian Electricity Regulatory Commission (NERC) began the process of granting states the authority to manage their electricity markets, including the generation, transmission, and distribution of power within their boundaries.
In December 2024, NERC transferred regulatory oversight of the Lagos electricity market to LASERC.
At the time, NERC said the transfer was in compliance with the amended Constitution of the Federal Republic of Nigeria (CFRN) and the Electricity Act 2023 (Amended), which allows states to regulate their electricity markets.
