Constitutes LAISO governing board, management team to oversee electricity market

Lagos State Government has signed a Strategic Framework for Gas Supply and Energy Development with the Gas Aggregator Company of Nigeria Limited/GTE (GACN) as part of efforts to achieve its planned 6,000-megawatt electricity generation target.

The landmark agreement is expected to boost electricity generation and secure gas supplies for power projects at less than half the prevailing market gas-to-power price.

Governor Babajide Sanwo-Olu described the agreement as more than the signing of a document, saying that it represents a strategic, practical and enforceable plan that lays the foundation for definitive gas supply and off-take agreements aimed at ensuring affordable and reliable energy for Lagos.

The event, held at Lakowe Lakes Resort, Ibeju-Lekki, was attended by stakeholders in the energy sector.

Sanwo-Olu, who was represented by his deputy, Dr Kadri Obafemi Hamzat, noted that the framework aligns with the Lagos Independent Electricity Policy and Strategic Implementation Plan and the state’s THEMES plus agenda, adding that reliable electricity remains critical to transportation, healthcare, education and growth.

According to the governor, the agreement addresses one of the most persistent obstacles to dependable and affordable electricity in Lagos — the availability and cost of gas for power generation.
The governor said the framework would remove a major challenge facing Independent Power Producers (IPPs) by guaranteeing access to reliable fuel at affordable rates, thereby enabling them to develop and operate power projects with greater confidence.

He added that the initiative would support the decentralised electricity market being developed by the state government, encourage private-sector investment, increase competition and bring electricity closer to homes and others.

Earlier in his welcome address, the Commissioner for Energy and Mineral Resources, Biodun Ogunleye, said the partnership would play a critical role in developing the Clean Lagos Electricity Market (CLEM), a state government initiative aimed at addressing Lagos’ significant power deficit.

Meanwhile, Managing Director of GACN, Chijioke Uzoho, who assured stakeholders of the feasibility and sustainability of the project, said the company remains committed to achieving the set goals.

However, the state has announced the constitution of the governing board and management team of the Lagos State Independent System Operator (LAISO), a strategic institution established pursuant to the Lagos State Electricity Law (LSEL) 2024 to ensure efficient, reliable, transparent, and secure operation of the state’s electricity market.

The newly constituted governing board is chaired by Ogunleye, with Prof. Lanre Fagbohun serving as vice chairman, and includes Abayomi Oluyomi, Ibilola Kasunmu, Muktaar Tijani, and Dr Oladimeji-Yisa Taiwo, who also serves as the managing director.

The board will provide strategic direction, policy oversight, and corporate governance leadership, drawing on its collective expertise in electricity systems, engineering, finance, law, regulation, risk management, and executive leadership to guide LAISO’s successful operation.

The management team, responsible for the day-to-day administration and operation of LAISO, comprises Dr Oladimeji-Yisa Taiwo as Managing Director, Adetunji Bashiru Adesanya as System Operator, and Bunmi Benson as Market Operator.

The state government, therefore, called on all stakeholders and market participants to support the newly constituted leadership of LAISO as they undertake the critical responsibility of strengthening and advancing the Lagos Electricity Market in line with the vision of a resilient and sustainable energy future for the state.