The Lagos State Electricity Regulatory Commission (LASERC) has officially granted power distribution licences to Excel Distribution Company Limited and IE Energy Lagos Limited, marking a major milestone in the state’s journey toward an independent and competitive electricity market.
With this development, Eko Electricity Distribution Plc and Ikeja Electric Plc have ceased to exist as licensed distributors within the Lagos Electricity Market.
The newly licensed firms, Excel Distribution Company Limited and IE Energy Lagos Limited, now hold the legal authority to manage power distribution operations in the state.
At the event, Folake Soetan signed on behalf of IE Energy Lagos Limited, while Sheri Adegbenro signed on behalf of Excel Distribution Company Limited.
Speaking at the ceremony, Abimbola Odubiyi, LASERC chairman, described the move as “a 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,” Odubiyi said.
Fouad Animashaun, LASERC’s chief executive officer, highlighted that the issuance of the licences reaffirms the state’s commitment to private sector participation and competitive electricity delivery.
“By expanding competition, we are ensuring that Lagosians can look forward to better access, improved reliability, and affordable electricity supply,” Animashaun said.
In their remarks, representatives of the new licensees pledged to deliver improved service quality and operational efficiency.
Kola Adeshina, representing IE Energy Lagos Limited, 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, speaking for Excel Distribution Company Limited, 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 noted that this transition aligns with the Lagos State Electricity Policy, which seeks to ensure reliable, affordable, and equitable access to power for all residents through transparent regulation and increased private sector participation.
