The Lagos State Government has taken a significant stride in its electricity sector reform by constituting the governing board and management team of the Lagos State Independent System Operator (LAISO). This newly established institution, operating under the Lagos State Electricity Law 2024, is mandated to oversee the state’s electricity market and ensure the provision of reliable power supply. The development signifies a crucial milestone in the implementation of the Lagos State electricity market and a substantial enhancement of electricity governance within the state.
LAISO’s core responsibility, as defined by the Lagos State Electricity Law 2024, is to maintain the reliability of electricity supply across Lagos. This will be achieved through the operation of the state grid, the management of wholesale electricity markets, and the execution of other system and market functions essential for the efficient operation of the electricity market.
The newly appointed governing board is chaired by Mr Biodun Ogunleye, with Prof. Lanre Fagbohun serving as Vice Chairman. The board also includes Mr Abayomi Oluyomi, Engr Ibilola Kasunmu, Engr Muktaar Tijani, and Dr Oladimeji-Yisa Taiwo, who will concurrently hold the position of Managing Director of LAISO. This board is tasked with providing strategic direction, policy oversight, and corporate governance leadership, leveraging its collective expertise across electricity systems, engineering, finance, law, regulation, risk management, and executive leadership to guide LAISO’s successful operation.
In accordance with Sections 97(3) and 97(5) of the Lagos State Electricity Law 2024, LAISO will establish a Member Sector Group Committee. This committee will function as a vital stakeholder engagement platform, comprising licensed users of the Lagos electricity grid and registered market participants. Its membership will represent a broad spectrum of the energy ecosystem, including transmission-dependent generation companies, transmission companies, transmission-dependent distribution companies, embedded generation companies, distributed energy resources, independent electricity distribution networks, grid-tied customers, end-use customers, and other market participants.
The operational leadership of LAISO will be spearheaded by a dedicated management team. Dr Oladimeji-Yisa Taiwo, as Managing Director, brings over three decades of experience in financial systems regulation, public policy, and corporate leadership, including prior service at the Central Bank of Nigeria. Engr Adetunji Adesanya will serve as System Operator, drawing on more than 35 years of experience in transmission operations, grid management, system reliability, and network planning. Barr Bunmi Benson, as Market Operator, possesses extensive expertise in regulatory compliance, market governance, and commercial transactions within the energy and financial sectors. This management team will be responsible for the day-to-day administration and operation of LAISO, encompassing system operations, market administration, grid coordination, market settlements, and ensuring compliance with all technical, commercial, operational, and regulatory requirements.
The establishment of the governing board and management team marks a pivotal moment in the development of the Lagos State electricity market. It underscores the state government’s unwavering commitment to fostering a reliable, competitive, transparent, and investor-friendly electricity sector. Such a framework is deemed essential for driving sustainable economic growth, attracting significant investment, and ultimately enhancing the quality of life for all residents of Lagos. The Lagos State Government has urged all stakeholders and market participants to lend their full support to the new leadership as they embark on the critical mandate of strengthening and advancing the Lagos Electricity Market, aligning with the vision of a resilient and sustainable energy future for the state.
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