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.
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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.
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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.
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Dangote Petroleum Refinery has set its initial public offering price at ₦525 per share, with the company seeking to raise about ₦2.15 trillion as it prepares to enter Nigeria’s public equities market.
The Securities and Exchange Commission has approved the offer for 4.1 billion ordinary shares at ₦525 each. If fully subscribed, the offer would generate approximately ₦2.15 trillion, equivalent to about $1.6 billion at current exchange rates.
The offering is expected to open on 14 September 2026, according to Aliko Dangote, the president of Dangote Industries. The planned sale is positioned to become one of the largest equity offerings in Africa.
The IPO marks a significant step in Dangote Group’s plans to broaden ownership of the refinery and raise additional capital for expansion.
The refinery currently has a stated processing capacity of 650,000 barrels of crude oil per day. Dangote has said the company plans to increase that capacity to 1.4 million barrels per day as part of its longer-term expansion strategy.
The planned share sale follows a $1 billion underwriting programme completed in August, providing additional financial backing ahead of the public offering.
The refinery, located in the Lekki area of Lagos State, is one of Africa’s largest industrial projects and has become an increasingly important player in Nigeria’s fuel supply market since beginning operations.
The public offering will give Nigerian investors an opportunity to acquire shares in the refinery directly, while providing Dangote Petroleum Refinery with fresh capital to support its next phase of growth.
The company has also indicated ambitions to expand beyond its current Nigerian operations, with Dangote recently announcing plans for another refinery project in Kenya.
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