Lagos approves 14 new electricity companies to boost competition, power supply
By Aboki Forex —
The Lagos State Electricity Regulatory Commission (LASERC) has approved 14 new electricity companies to operate across generation, metering, distribution, and mini-grid services in the state. The move is expected to increase competition for dominant players like Ikeja Electric and Eko Electricity Distribution Company and improve power reliability for homes and businesses.
The licences were presented during LASERC’s maiden stakeholder engagement on May 7 in Lagos. The commission’s Chairman, Alexander Akinwunmi Ogunbiyi, and Chief Executive Officer, Temitope George, led the event. LASERC said the approvals are part of efforts to create a transparent, competitive, and properly regulated electricity market in Africa’s largest city.
Major projects include Axxela, Isolo Power, Daybreak
Axxela Limited secured a licence for a 5.8 megawatt embedded power project at Cadbury Nigeria Plc in Agidingbi. Isolo Power Gen Limited got approval for a 9MW project along the Apapa-Oshodi Expressway in Isolo. Its sister company, Isolo Power Supply Limited, received an Independent Electricity Distribution Network licence for the same axis.
Daybreak Power Solutions Limited secured multiple approvals covering major industrial facilities. These include Seven-Up Bottling Company in Oregun, Crown Flour Mill Limited in Ikorodu, Nigerdock FZE on Snake Island, Nigerian Breweries in Iganmu, Nigerian Bottling Company in Ikeja, and Promasidor Nigeria Limited in Isolo. The approvals are expected to reduce dependence on the unstable national grid and improve operational efficiency for manufacturers.
Metering, mini-grid licences also approved
New Hampshire Capital Limited received approval as a Meter Asset Provider. This is expected to speed up meter deployment and reduce billing disputes. GossLink Engineering Limited secured three licences covering 330KV and below operations, a 400V vendor licence, and a 400V importation licence. Enaro Energy Mini-Grid Limited was approved for interconnected mini-grid projects in Ishokan Phase 1 and Mercyland Phase 1 in Ayobo-Ipaja. This will improve electricity access for underserved communities.
LASERC plans new zonal offices to decentralise regulation
LASERC CEO Temitope George announced plans to establish new zonal offices in Ikorodu, the Amuwo Odofin/Badagry axis, and the Sangotedo/Epe corridor. The offices are expected to become operational in the third quarter of 2026. George said the new offices will improve customer complaint resolution and make regulatory services more accessible. The move is part of LASERC’s strategy to decentralise electricity regulation and strengthen service delivery in Lagos.
Industry analysts say the increased competition could weaken long-standing monopolies, improve service quality, accelerate metering, and deliver more stable electricity to both industries and households. For businesses long burdened by unreliable power and high energy costs, the new licences may mark the beginning of a more competitive and efficient electricity future in Lagos.