The Lagos State Electricity Regulatory Commission (LASERC) has officially issued distribution licences to Excel Distribution Company Limited and IE Energy Lagos Limited, the entities that have now officially taken over electricity distribution operations from Eko Electricity Distribution Plc and Ikeja Electric Plc, respectively, marking a new milestone in the implementation of the Lagos State Electricity Policy and the expansion of a competitive electricity market in the State.

A statement yesterday, explained that the licence presentation ceremony, held in Lagos on Thursday.

“The event brought together amongst other stakeholders, the representatives of the new Licensees and the LASERC Commissioners, Engr. Abimbola Odubiyi (Chairman), Dr. Fouad Animashaun (the Executive Commissioner/CEO), Mrs. Kofo Olokun Olawoyin (Executive Commissioner, Legal, Licensing and Compliance), Engr Oluwaseun Fadare (Executive Commissioner, Engineering and Standards) and Mr. Tunde Gbajumo (the Non-Executive Commissioner). At the event, Folake Soetan signed on behalf of IE Energy Lagos Limited, while Sheri Adegbenro signed for Excel Electricity Distribution Limited.

“With the newly issued licenses the implication is that Eko Electricity Distribution Plc and Ikeja Electric have ceased to exist as distribution licensees within the Lagos Electricity Market. The legally recognised electricity distribution entities are now Excel Electricity Distribution Limited and IE Energy Lagos Limited,” it stated.

In his remarks, LASERC Chairman, Odubiyi, noted: “This is another defining moment in Lagos’ journey towards a reliable and sustainable electricity market. The Commission will continue to uphold the principles of independence, transparency, and service to the people of Lagos.” 

He further thanked critical stakeholders in Lagos for their continued support and dedication to the vision of setting up the Commission. He therefore thanked very specially, The Executive Governor of Lagos State, His Excellency, Mr. Babajide Olusola Sanwo-Olu, the House of Assembly, led by the Speaker, Rt, Hon. Mudashiru Obasa, the Chairman of the Power Committee, House of Assembly, Hon. Akanbi Oluwa and the Honourable Commissioner for Energy and Mineral Resources, Mr. Biodun Ogunleye.

Also speaking, Animashaun, highlighted the significance of the event, saying: “The issuance of these licences underscores our commitment to enabling private sector participation. By expanding competition, we are ensuring that Lagosians can look forward to better access, improved reliability, and affordable electricity supply.”

Representatives of the newly licensed companies expressed optimism about the opportunities ahead. 

Mr. Kola Adeshina, who spoke for IE Energy, stated: “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.”

Similarly, Sheri Adegbenro, representing Excel Distribution Company, remarked:

“This licence is both a privilege and a responsibility. Excel is committed to partnering with LASERC to strengthen power distribution in the State, ensuring that customers experience real improvements in service.”

According to the statement, the achievement firmly aligns with the laudable visions of the State to regulate power fairly and ensure electricity for all.