Lagos regulator licenses Elektron Energy's Victoria Island power project

The Lagos State Electricity Regulatory Commission (LASERC) has issued an operational licence to Elektron Energy Development Strategies Ltd. for its Victoria Island Power Ltd. (VIPL) project. The project is a gas-fired embedded power plant designed to provide dedicated electricity to businesses in Victoria Island, Lagos.

Phase 1 of the VIPL project has an initial capacity of 40 megawatts (MW) and is scalable to 70 MW. Developed in partnership with Eko Power, the plant is scheduled to commence commercial operations in December 2026. Once operational, it aims to provide 24-hour electricity to connected customers, including banking headquarters, telecommunications facilities, and multinational offices, via a 12.6-kilometre underground feeder network.

LASERC officials stated that the licensing aligns with the state's objectives to decentralize electricity supply, promote a transparent energy market, and support industrial growth. Elektron Energy CEO Tola Talabi noted that the licence provides the regulatory foundation necessary to deliver dependable power infrastructure for Nigeria’s commercial and industrial ecosystems.