Sanwo-Olu signs new power agreements to boost reliability, manage costs

Business, Technology

LAGOS, Nigeria (NPA) — Governor Babajide Sanwo-Olu on Sunday at Lagos House, Marina, presided over the signing of three new power purchase agreements aimed at strengthening capacity and addressing gaps in the state’s electricity supply.

In a statement, the governor explained that Fenchurch Power will support major water facilities in Adiyan and Iju, while Mainland Power will continue serving Ikeja, Oshodi, and Anthony, with room for expansion. The third firm, Viathan, will maintain stable supply to key facilities on the Island, with integration into the wider distribution network.

Sanwo-Olu noted that the agreements have been updated to reflect current market realities, stressing that the state will no longer pay for power that is not delivered. Payments, he said, are now tied strictly to actual metered supply, a move designed to reduce waste and manage costs more effectively.

“This means more reliable power for public infrastructure, better use of state resources, and a clear path to scale capacity over the next few years,” the governor stated.