The Lagos State Electricity Regulatory Commission (LASERC) has officially licensed two new companies, Excel Distribution Company Limited and IE Energy Lagos Limited, to take over electricity distribution operations from Eko Electricity Distribution Plc and Ikeja Electric Plc. The move marks a significant milestone in the state’s electricity market reform and the implementation of the Lagos State Electricity Policy aimed at creating a more competitive and reliable power sector.
At a licence presentation ceremony held in Lagos on Thursday, LASERC confirmed that the former distribution companies, Eko Electricity Distribution Plc and Ikeja Electric Plc, have ceased to exist as licensed distributors within the Lagos electricity market. Excel Distribution Company Limited and IE Energy Lagos Limited are now the legally recognised entities responsible for power distribution in the state.
Speaking at the event, LASERC Chairman Engr. Abimbola Odubiyi described the development as a defining moment in Lagos’ push for a more sustainable and efficient electricity market. “The Commission will continue to uphold the principles of independence, transparency, and service to the people of Lagos,” he said, while appreciating the support of critical stakeholders including the state government, the House of Assembly, and the Ministry of Energy and Mineral Resources.
Executive Commissioner and CEO of LASERC, Dr. Fouad Animashaun, emphasised that the new licences reflect the state’s commitment to private sector participation and expanded competition. “By expanding competition, we are ensuring that Lagosians can look forward to better access, improved reliability, and affordable electricity supply,” he noted.
Representatives of the newly licensed companies expressed optimism about the future of power supply in the state. Mr. Kola Adeshina, speaking on behalf of IE Energy, said the company is focused on deploying innovative solutions to deliver greater value to customers across Lagos. Similarly, Sheri Adegbenro of Excel Distribution Company pledged the company’s commitment to strengthening power distribution and delivering visible improvements in service.
The restructuring of Lagos’ electricity distribution market is expected to benefit businesses and households alike. For small and medium enterprises, reliable and affordable electricity remains a critical driver of productivity and growth. By introducing new players and promoting competition, the state aims to address long-standing challenges in power supply and create an environment that supports economic activity and business expansion.
LASERC described the licensing milestone as a key step in Lagos’ vision to regulate power fairly and ensure universal access to electricity.
