ABUJA, Nigeria (VOICE OF NAIJA)-The Lagos State Government has inaugurated the governing board and management team of the Lagos State Independent System Operator, a new institution established under the Lagos State Electricity Law 2024 to regulate the operation of the state’s electricity market and ensure a dependable power supply.
The government disclosed this in a statement on Tuesday, describing the move as a significant milestone in the implementation of the Lagos electricity market and a major step toward enhancing electricity governance in the state.
According to the statement, LAISO was established under the Lagos State Electricity Law 2024 and is tasked with maintaining the reliability of electricity supply in Lagos through the operation of the state grid, wholesale electricity market, and other functions necessary for the effective running of the electricity market.
The statement said the newly inaugurated governing board is headed by Mr Biodun Ogunleye as Chairman, while Prof. Lanre Fagbohun will serve as Vice Chairman.
READ ALSO:Lagos, Canada Strengthen Justice-Sector Cooperation
Other members of the board include Mr Abayomi Oluyomi, Engr Ibilola Kasunmu, Engr Muktaar Tijani and Dr Oladimeji-Yisa Taiwo, who will also serve as the organisation’s Managing Director.
The government said the board would be responsible for providing strategic leadership, policy direction and corporate governance oversight for the independent system operator.
“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 the successful operation of LAISO,” the statement disclosed.
It further stated that, in accordance with Sections 97(3) and 97(5) of the Lagos State Electricity Law 2024, the organisation will establish a Member Sector Group Committee made up of licensed users of the Lagos electricity grid and registered market participants.
According to the government, the committee will function as a stakeholder engagement platform representing transmission-dependent generation companies, transmission companies, transmission-dependent distribution companies, embedded generation firms, distributed energy resources, independent electricity distribution networks, grid-connected customers, end-use customers and other market participants.
The management team of LAISO consists of Dr Oladimeji-Yisa Taiwo as Managing Director, Engr Adetunji Adesanya as System Operator, and Barr Bunmi Benson as Market Operator.
The statement noted that Dr Taiwo brings over three decades of experience in financial systems regulation, public policy and corporate leadership, including service at the Central Bank of Nigeria.
It added that Adesanya possesses more than 35 years of experience in transmission operations, grid management, system reliability and network planning, while Benson has extensive expertise in regulatory compliance, market governance and commercial transactions within the energy and financial sectors.
The government explained that the management team would oversee the institution’s daily operations, including system management, market administration, grid coordination, market settlements and compliance with technical, operational, commercial and regulatory requirements.
It stated, “The constitution of the governing board and management team marks a major milestone in the implementation of the Lagos State electricity market and reinforces the state government’s commitment to building a reliable, competitive, transparent, and investor-friendly electricity sector capable of driving sustainable economic growth, attracting investment, and improving the quality of life of all Lagosians.”
The statement also called on stakeholders and market participants to support the new leadership.
“The Lagos State Government calls 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 Lagos State,” it added.