Sanwo-Olu inaugurates electricity board to drive investment in Lagos power sector

By Adeola Ogunrinde

Governor Babajide Sanwo-Olu on Monday inaugurated the Lagos State Electricity Regulatory Commission board at Lagos House, Ikeja, while urging board members to work together in improving Lagos’ electricity sector to attract investments.

Sanwo-Olu disclosed that the move marked a crucial step towards a sustainable energy future and a more reliable electricity market for residents and businesses, amid acknowledging earlier challenges but expressing confidence in the new board.

He further revealed that the commission was set up following the Lagos Electricity Law enacted by the state House of Assembly, to create an independent, transparent, and investor-friendly electricity market, aligning with the Electricity Act 2023.

The governor emphasized that the commission’s role is to enable collaboration and attract investors, not just regulate, as he expects improved electricity supply and reliable power for homes and businesses within the state.

In Sanwo-Olu’s words, “the state aims to build a power sector that supports economic growth and enables a 24-hour economy.”

Reacting to the latest development, the Commissioner for Energy and Power Resources, Biodun Ogunleye, said the commission will oversee licensing, tariff regulation, and consumer protection, adding that the board will play a critical role in ensuring transparency and fairness,