The Lagos Chamber of Commerce and Industry (LCCI) has named Olufemi Bakare, chief executive of Fenchurch Group, as chairman of its Power Sector Group, tasking him with driving reforms and fostering stronger collaboration across the electricity value chain.
Bakare’s appointment followed the chamber’s recent general meeting and elections in Lagos, where he had served as vice chairman. He will lead the group for a two-year term, alongside newly appointed vice chairman Oladayo Williams, Programme Executive at Tetracore Group, a natural gas and power solutions firm.
Speaking after his appointment, Bakare said the group would focus on bridging gaps between private sector stakeholders, regulatory agencies, and the public to address the country’s chronic power supply issues.
“We look forward to active engagement with industry stakeholders and the government for the advancement of the power sector, which is critical to Nigeria’s economic growth,” Bakare said in comments to a local media outlet.
He highlighted the need for coordinated efforts to improve power delivery, particularly in Lagos, which he described as playing a “strategic advocacy role” due to its status as Nigeria’s economic nerve centre.
Bakare welcomed recent policy moves, including tariff adjustments and increased government investments in transmission infrastructure. He said these were beginning to attract private capital, particularly in embedded generation arrangements with distribution companies (DisCos).
Still, challenges remain. “We will continue to push for more investments in transmission, possible concessioning of the Transmission Company of Nigeria (TCN), and stronger support for renewable energy solutions, including solar and wind,” he said.
He also announced plans for public awareness campaigns aimed at educating citizens on energy efficiency and encouraging infrastructure planning that aligns with urban expansion.
Citing areas such as Lekki Phase One, where residential zones have evolved into commercial centres without matching power infrastructure, Bakare said poor planning has led to transformer failures and grid stress.
“Electricity is not cheap, and awareness goes a long way. Everyone—government, private sector, and citizens—has a role to play in improving power delivery,” he said.
