- The Lagos State Electricity Regulatory Commission granted Ikeja Electric and Eko Disco subsidiaries three-year distribution licenses.
- Officials pledged stronger collaboration to expand electricity access across Lagos State.
The Lagos State Electricity Regulatory Commission (LASERC) issued the state’s first electricity distribution licenses to two newly incorporated state-level electricity companies (SUBCos) on Thursday, October 2.
LASERC Chairman Engr. Odubiyi and his team granted three-year licenses to IE Electricity Limited, a subsidiary of Ikeja Electric, and Excel Electricity Distribution Limited, which is understood to be a subsidiary of Eko Electricity Distribution Plc.
Furthermore, the licenses stem from the Lagos State Electricity Law 2024, enacted under the 2023 Electricity Act framework. The Act followed a 2022 constitutional amendment that removed electricity from the exclusive legislative list and empowered states to regulate their electricity markets.
Meanwhile, Section 230(4a) of the Electricity Act requires distribution licensees to incorporate state-level subsidiaries that operate solely under the oversight of state regulators.
During the ceremony, LASERC commissioners urged the new SUBCos to partner closely with the regulator to deliver reliable electricity across Lagos.
Industry leaders, including Sahara Group’s Dr Kola Adesina and Ikeja Electric CEO Folake Soetan, joined LASERC’s executive and non-executive commissioners at the event.
Bayode Akomolafe, on LinkedIn, described the issuance of the licenses as a milestone that confirms Lagos’s push to shape a new era in Nigeria’s electricity supply industry (NESI), rooted in governance, collaboration and partnership.