Business
Lagos Electricity Market Gets Boost as New Firms Take Over Distribution
Lagos electricity distribution licences granted to IE Energy and Excel, replacing Ikeja Electric and Eko Disco under the state’s new power sector reforms
Lagos electricity distribution licences have officially been issued to IE Energy Lagos Limited and Excel Distribution Company Limited, marking a historic power sector transition in Nigeria’s commercial capital.
Also read:Femi Otedola’s New Electricity Deal with Lagos State Govt
The Lagos State Electricity Regulatory Commission (LASERC), at a landmark ceremony on Thursday, October 2, 2025, confirmed the handover of electricity distribution responsibilities from Ikeja Electric and Eko Electricity Distribution Plc to the newly licensed entities.
Held at the Radisson Blu Hotel in Ikeja, the licence presentation was attended by LASERC’s leadership, including Chairman Engr. Abimbola Odubiyi and Executive Commissioner/CEO Dr. Fouad Animashaun, alongside stakeholders from the energy sector.
The move signifies a new era in the implementation of the Lagos Electricity Policy, aimed at fostering a competitive and sustainable energy market within the state.
With these new licences, Eko Electricity Distribution Plc and Ikeja Electric cease to exist as distribution licensees under the Lagos electricity market structure.
Excel Electricity Distribution Limited and IE Energy Lagos Limited are now the only state-recognised distribution companies.
Speaking at the event, LASERC Chairman Engr. Odubiyi described the development as “a defining moment” in the journey to energy reform.
He credited stakeholders, including Governor Babajide Sanwo-Olu and the Lagos House of Assembly, for their unwavering support.
“The issuance of these licences is a clear demonstration of our commitment to private sector participation, competition, and enhanced service delivery.”New licensees also expressed confidence in their mandate.
Mr. Kola Adeshina, representing IE Energy, said:
“We are honoured to lead this transformative change. Our goal is to bring efficiency and innovation into Lagos’ power distribution.”Sheri Adegbenro of Excel Distribution added:
“We take this responsibility seriously and are committed to delivering a vastly improved customer experience.”
The restructuring is seen as a critical step in Lagos’ broader plan to become an energy-resilient city. It also reflects the state’s bold regulatory shift following the constitutional amendment enabling sub-national electricity markets.
Also read:Ogun State: Eight Years of Eventful Service – A Retrospect
The LASERC initiative is expected to attract more investment into the state’s energy sector while pushing for improved reliability, accessibility, and affordability of electricity for residents.
Business
ISAT Group Rebrands, Partners Afro Mobile to Launch High-Speed Broadband Services in Nigeria by Q3 2026
New identity signals bold expansion as landmark investment accelerates affordable, high-speed connectivity for millions of Nigerians.
Nigeria’s digital economy is set for a major boost as ISAT Group unveiled a new corporate identity and announced a strategic alliance with Afro Mobile, ahead of its Q3 2026 commercial launch.
The partnership is underpinned by Afro Mobile’s acquisition of a 40% equity stake in ISAT Group and a US$3 billion financing package structured by Equiline Finance, positioning the alliance among the largest indigenous broadband investment initiatives in Nigeria’s telecommunications sector.
The rebranding marks ISAT Group’s evolution into a next-generation digital connectivity company focused on broadband, satellite communications and enterprise solutions. Together, the partners will expand affordable, high-speed internet access to homes, businesses, government institutions and underserved communities nationwide.
ISAT Group Chief Executive Officer, Dr. Adeyanju Binuyo, described the development as a transformational milestone.
“Our vision extends beyond connectivity. We are building the digital infrastructure that will power businesses, connect communities, stimulate innovation and accelerate Nigeria’s digital economy. This partnership demonstrates our commitment to making world-class broadband accessible to every Nigerian.”
Group Chairman, Mr. Ganiyou AFOLABI Moustapha, said the alliance reflects ISAT Group’s long-term confidence in Nigeria’s future.
“This investment is a strong vote of confidence in Nigeria’s digital economy. Together with Afro Mobile, we are building a resilient indigenous broadband platform that will create jobs, drive innovation and support inclusive national development.”
With operations commencing in Q3 2026, ISAT Group and Afro Mobile are poised to emerge as a leading indigenous broadband provider, delivering next-generation connectivity that will help bridge Nigeria’s digital divide and power the country’s next phase of economic growth.
Business
UBA Foundation Drives Environmental Awareness with Tree Planting in Lagos Schools for WED 2026
UBA Foundation tree planting initiative marks World Environment Day 2026 with sustainability drive across Lagos schools to promote climate action
-
Politics2 years ago
13 Ondo Assembly Members Disown Endorsement of Aiyedatiwa
-
Politics2 years ago
APC Group, Ondo Govt, Quarrel Over Money for Endorsement
-
Trending News5 years agoStop unsavoury, inciting statements – DSS warns
-
Others4 years agoAdron Homes Celebrates 10 Years Of Housing Excellence
-
Humanity4 years agoPresident Buhari Commiserates With Ambassador Maureen Tamuno Over The Loss Of Her Father
-
Others7 years agoEX- CUSTOMS BOSS, IBRAHIM MERA’S DWINDLING FAME
-
Business2 years agoBigi Carbonated Soft Drinks Treats 40 Consumers to an Epic Easter Movie Hangout
-
Business2 years agoWema Bank Shines at Global SME Finance Forum Conference Awards 2024 …Awarded: • SME Financier of the Year (Africa) • Platinum Award for Best Financier for Women Entrepreneurs (Africa)