Lagos Electricity Revolution: LASERC Licenses Two New DisCos, Replaces Eko and Ikeja Electricity Firms
By Joseph Iyaji | Akahi News
In a landmark development for Nigeria’s power sector, the Lagos State Electricity Regulatory Commission (LASERC) has officially granted new electricity distribution licences to Excel Distribution Company Limited and IE Energy Lagos Limited, signalling a historic transformation in the state’s energy landscape.
The move marks the formal replacement of Eko Electricity Distribution Plc and Ikeja Electric Plc, which have now ceased to exist as legally recognised electricity distributors within Lagos State.
Two New DisCos Take Over Lagos Power Distribution
According to a statement released by Dr. Fouad Animashaun, Executive Commissioner and Chief Executive Officer of LASERC, the presentation ceremony took place on Thursday, October 2, 2025, at the Radisson Blu Hotel, Ikeja, in the presence of key energy stakeholders, state officials, and representatives of the newly licensed firms.
The LASERC leadership team at the event included Engr. Abimbola Odubiyi (Chairman), Dr. Fouad Animashaun (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 (Non-Executive Commissioner).
Folake Soetan signed on behalf of IE Energy Lagos Limited, while Sheri Adegbenro represented Excel Distribution Company Limited, formalising their new operational mandates.
A Defining Moment for Lagos Electricity Market
Speaking during the ceremony, LASERC Chairman, Engr. Abimbola Odubiyi, described the event as “a defining moment in Lagos’ journey towards a reliable and sustainable electricity market.”
He reaffirmed the Commission’s commitment to independence, transparency, and service delivery, emphasising that the reform reflects the state’s determination to modernise its energy infrastructure and empower private participation.
“We remain committed to ensuring that this transition brings stability, efficiency, and reliability to the Lagos power ecosystem,” Odubiyi stated.
The chairman also expressed appreciation to Governor Babajide Sanwo-Olu, the Lagos State House of Assembly led by Speaker Rt. Hon. Mudashiru Obasa, and the House Committee on Power chaired by Hon. Akanbi Oluwa, alongside Commissioner for Energy and Mineral Resources, Mr. Biodun Ogunleye, for their roles in making the reform possible.
Private Sector-Led Transformation
In his remarks, Dr. Fouad Animashaun highlighted the broader implications of the new licensing framework, noting that it reflects LASERC’s commitment to deepening private sector involvement in Lagos’ electricity market.
“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,” he said.
According to Akahi News, industry analysts see this development as part of Lagos State’s broader push to localise electricity governance under the Electricity Act 2023, which empowers subnational entities to regulate their own electricity markets.
New Operators Promise Innovation and Better Service
Representatives of the two new companies expressed optimism about their new mandates.
Mr. Kola Adeshina of IE Energy Lagos Limited assured residents that the firm is ready to “deploy innovative solutions that deliver value to customers across Lagos,” while Sheri Adegbenro of Excel Distribution Company Limited described the licence as “both a privilege and a responsibility.”
“We pledge to work closely with LASERC to enhance power distribution, improve customer satisfaction, and build a stronger electricity network for all Lagosians,” Adegbenro said.
Implications for Consumers
With the formal deregistration of Eko DisCo and Ikeja Electric, power consumers across Lagos State are expected to transition to the new operators over the coming months. LASERC has assured that the transition will be carefully managed to avoid service interruptions and protect consumer rights.
Energy experts have hailed the development as a bold step towards achieving decentralised, competitive, and sustainable electricity delivery in Nigeria’s economic capital.
Akahi News will continue to monitor how this new licensing regime shapes the future of electricity distribution and energy governance in Lagos State.
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