The Lagos State Electricity Regulatory Commission (LASERC) has officially granted power distribution licences to Excel Distribution Company Limited and IE Energy Lagos Limited. This marks a major milestone in Lagos State’s plans to guarantee an independent and competitive electricity market.
With the latest development, Ikeja Electric Plc and Eko Electricity Distribution Plc are no longer licensed distributors within the Lagos Electricity Market.
Henceforth, the newly licensed companies, Excel Distribution Company Limited and IE Energy Lagos Limited, will be in charge of managing power distribution operations across Lagos.
Speaking at the event, Abimbola Odubiyi, LASERC chairman, disclosed that the decision is a defining moment that will inevitably change the state’s electricity sector.
“The Commission will continue to uphold the principles of independence, transparency, and service to the people of Lagos.
LASERC’s CEO, Fouad Animashaun, further noted that the issuance of the licences reiterates Lagos State’s willingness to commit to private sector participation and competitive electricity service.
“By expanding competition, we are ensuring that Lagosians can look forward to better access, improved reliability, and affordable electricity supply,” he stated.
Responding, representatives of the new licensees, Folake Soetan for IE Energy Lagos Limited and Sheri Adegbenro for Excel Distribution Company Limited, vowed to deliver enhanced service quality to Lagosians.
IE Energy Lagos Limited representative, Kola Adeshina, said, “We are honoured to be part of this transformative journey. Our focus will be on deploying innovative solutions that deliver value to customers across Lagos.”
Sheri Adegbenro, Excel Distribution Company Limited representative, added, “This licence is both a privilege and a responsibility. We are committed to strengthening power distribution and ensuring that customers experience real improvements in service.”
LASERC concluded by saying that the transition is in line with the Lagos State Electricity Policy, which focuses on guaranteeing dependable, cheap and equitable access to power for all residents.
Folami David is a dynamic journalist who views the world through an analytical lens, translating complex narratives across multiple industries into compelling stories. With an insatiable appetite for information and a keen eye for emerging trends, Folami specializes in uncovering the interconnections between technology, business, culture, and society.
