General
Lagos Moves to Regulate Electricity Market
By Adedapo Adesanya
The Lagos State government is in the process of enacting a law to regulate the electricity market in the state, Business Post has learnt.
This call was made by the Lagos State Commissioner for Energy, Mr Olalere Odusote, while delivering a keynote address at the closing of the 3rd Lagos Real Estate Market Place Conference And Exhibition in Lagos.
Speaking at the event themed A Town Hall Meeting On The Lagos Real Estate Emerging Markets – Mitigating The Potential Risks, the Commissioner explained that this became necessary as most private individuals and businesses in Lagos utilised diesel-powered generators rather than electricity from the national grid.
According to him, the two distribution companies in Lagos State, the Eko Electricity Distribution Company (EKEDC) and Ikeja Electricity Distribution Company (IKEDC) – established nine years ago, sell about 800 to 900 megawatts initially and have only improved to 1,000 megawatts nine years after.
“Nothing has changed in the national grid sector nine years after.
“However, Lagos State, within a spate of nine years, had grown from having about 8,000 megawatts of installed diesel capacity to about 23,000 megawatts.
“The diesel market of the off-grid market has grown by about 300 per cent, but the grid market has not grown at all or just about one to two per cent,” he said.
He added that the state injected almost 1,000 transformers into the grid to improve electricity supply to its residents, but without the desired result.
Mr Odusote said a lot of the energy utilised in Lagos comes from diesel generators and that because of the high population of the city, the emission from that energy source had become unsustainable.
The Commissioner explained that Lagos had been projected to be the city with the largest population in the world in 50 years; therefore, energy for the housing infrastructure needed for the population must be put into consideration.
Mr Odusote said that was why the state government came up with the Lagos Electricity sector policy, with the aim of providing universal access to electricity for all residents of the state.
He stated that the draft of the Lagos electricity law had been completed and was before the state’s House of Assembly for consideration.
Mr Odusote explained that the bill, when implemented, would take regulation of electricity from the centre and domicile it with the Lagos regulatory agency.
“The Nigerian constitution domiciles the responsibility of regulation and distribution of electricity with the state government, but when the law was passed in 2002, many states were not ready for the responsibility.
“Many housing estates in the state run on diesel generators because they are unable to benefit from the grid, yet they cannot share from the excess capacity they currently have because the Federal Government does not permit it.
“Lagos is now ready, willing and in the process of passing the law. It means we will be able to locally determine our faith when it comes to electricity,” he said.
According to him, the Lagos Regulatory Agency will work with the residents and the state government to determine the need of the electricity market and make laws that will enable investors to invest in identified gaps.
The Commissioner said the state was working with the Federal Government to ensure its laws were reviewed and the new law passed at the National Assembly aligned with the state’s law and in line with the development of the sector.
Mr Odusote explained that the state was working with the stakeholders and other private sector operators to create a framework that would ensure that by 2036, there is the availability of electricity in the state.
By Adedapo Adesanya
The South African Consulate General in Lagos, in partnership with Brand South Africa and the Development Bank of Southern Africa (DBSA), is hosting the 4th edition of the South Africa Focus Week in Lagos, Nigeria, from April 22 – 26, 2026.
The annual platform continues to grow as a strategic initiative aimed at fostering social cohesion between South Africans and Nigerians while positioning South Africa as a preferred destination for business, tourism, and education. Since its inception in 2023, South Africa Focus Week has attracted over 1,500 participants, bringing together stakeholders from across sectors, including trade and investment, arts and culture, tourism, aviation, and the culinary industry.
The 2026 edition holds particular significance as it coincides with the 30th anniversary of South Africa’s democratic Constitution, enacted in 1996, as well as 32 years of unbroken diplomatic relations between South Africa and Nigeria, established in February 1994. These milestones underscore the enduring partnership between the two nations, rooted in shared history and strengthened through formal agreements and ongoing collaboration.
The 2025 economic relationship between South Africa and Nigeria reflects a strategically significant, multi-dimensional partnership anchored in trade, energy security, investment flows, and strong institutional cooperation. While bilateral trade remains structurally imbalanced – with South Africa exporting US$468.48 million and importing $1.69 billion, resulting in a $1.22 billion deficit – this dynamic is largely driven by South Africa’s reliance on Nigerian crude oil, positioning the relationship as one of strategic interdependence rather than imbalance alone.
This partnership is further elevated by the relative economic weight of both countries. According to IMF projections, South Africa’s economy is valued at approximately $443.6 billion, while Nigeria’s stands at around $334.3 billion in nominal terms for 2026. As two of the largest economies on the continent, their bilateral engagement constitutes a central axis of African economic activity, with disproportionate influence on the success of continental integration efforts.
Beyond trade, the relationship is reinforced by deep two-way investment linkages. South African firms -including MTN Group, Shoprite, and Standard Bank – maintain a strong presence in Nigeria, while Nigerian companies such as Access Bank and Paystack have established a growing footprint in South Africa. Although investment flows are asymmetrical and some Nigerian firms have faced operational challenges, these exchanges reflect an emerging bi-directional economic corridor that extends beyond goods trade into services, finance, and digital innovation.
Aligned with Brand South Africa’s mandate to build the country’s global reputation and competitiveness, the week-long programme will convene leaders from government, business, civil society, academia, and the media. Discussions will focus on leveraging the African Continental Free Trade Area (AfCFTA) as a tool for market access and global positioning, with Nigeria serving as a key focal point.
The South Africa Focus Week has features a series of high-level engagements and cultural activities designed to deepen economic ties and promote collaboration: South Africa–Nigeria Infrastructure Investment Conference (April 22, 2026) which was held under the theme South Africa–Nigeria Partnership: Unlocking Infrastructure Opportunities,” the conference will bring together key stakeholders in infrastructure development to explore collaborative projects in road, rail, and transportation systems.
The forum also examined the role of Public–Private Partnerships (PPPs) and facilitated discussions on project financing and implementation with institutions such as the DBSA and Nigeria’s Infrastructure Concession Regulatory Commission (ICRC).
This was followed by the 2nd Economic Diplomacy Roundtable (Thursday, April 23, 2026), which was hosted in partnership with MTN Nigeria under the theme Role of Technology in Infrastructure Development, the roundtable will convene senior government officials, private sector leaders, and industry experts to identify investment opportunities and strengthen strategic partnerships.
Friday, April 24, was for Arts and Culture Experience, which is a dedicated cultural day will showcase Lagos’ creative spaces and features a panel discussion on South Africa’s arts, film, music, and culture. The programme includes a South African film screening, engagements with filmmakers, and a networking reception aimed at fostering collaboration between the creative industries of both countries.
The event continues on Thursday, April 25, with Freedom Day Celebration and Closing Ceremony. This commemorative event will celebrate 30 years of South Africa’s Constitution, 32 years of freedom and democracy, and the enduring diplomatic relations between South Africa and Nigeria. The ceremony will also provide an opportunity to reflect on outcomes from the week and outline future areas of cooperation.
The celebration forms part of Brand South Africa’s Global South Africans Programme, which recognises and connects South Africans in the diaspora as ambassadors of the nation’s values and identity.
The week climaxes with the 4th edition of the South Africa Golf Tournament at Ikoyi Golf Club on Saturday, April 26, 2026, which will be done in partnership with Crossflex International.
According to a statement, the event aims to strengthen people-to-people relations through sports diplomacy, bringing together South African and Nigerian golfers in a spirit of camaraderie and collaboration.
By Modupe Gbadeyanka
The former chairman of the defunct Skye Bank Plc, Mr Tunde Ayeni, has been apprehended by the Economic and Financial Crimes Commission (EFCC).
Spokesperson of the anti-money laundering agency, Mr Dele Oyewale, confirmed the arrest of the businessman on Friday but declined to provide further details, according to TheCable.
Mr Ayeni was accused of diverting the N36.5 billion and $30 million loans from Polaris Bank Limited to companies with which he has links.
He was alleged to have obtained the credit facilities for marine security, electricity distribution, and real estate projects, but moved them to telecom investments tied to NITEL/MTEL assets via a NATCOM account.
After the Central Bank of Nigeria (CBN) revoked the operating licence of Skye Bank in 2018, it nationalised it to Polaris Bank.
The EFCC has been looking into the alleged diversion of funds by Mr Ayeni, resulting in his arrest in Abuja on Thursday, April 23, 2026.
He is being grilled over the matter and would be arraigned in court once the investigation is concluded.
This is not the first time Mr Ayeni has been nabbed and probed by the EFCC, as this happened a few months after his bank lost its licence.
The then acting spokesman for the EFCC, Mr Tony Orilade, said Mr Ayeni was quizzed by detectives over issues related to fraud and embezzlement allegedly committed by him when he was Chairman of the bank a few years ago.
By Adedapo Adesanya
“We are fully committed to working with the new Commissioner of Police and giving all necessary support towards the successful discharge of his responsibilities.”
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