LCCI Power Group appoints Olufemi Bakare chairman to drive increased advocacy in sector reforms
The Power Sector Group of the Lagos Chamber of Commerce and Industry (LCCI) has appointed Olufemi Bakare, tasking him with leading a renewed drive for stakeholder collaboration and sustainable power sector reforms.
Bakare, who is also the Chief Executive Officer of Fenchurch Group, one of the leading infrastructure-focused energy conglomerates across Nigeria and West Africa, was appointed after serving as Vice Chairman at the recently concluded General Meeting and elections in Lagos.
Serving as his vice is Oladayo Williams, the Programme Executive at Tetracore Group, an integrated energy solutions provider in natural gas and power delivery.
The new Executive Committee appointees will serve a two-year term, according to the Chamber, during which the chairman said they plan to champion stronger engagement between private sector operators, government agencies, and the broader public.
“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 told BusinessDay.
He stressed the importance of a coordinated approach to addressing Nigeria’s power supply challenges, noting that with Lagos as the country’s largest economy, the LCCI Power Sector Group plays a strategic advocacy role in shaping national power policy.
Bakare highlighted ongoing government efforts to invest in the country’s transmission infrastructure and welcomed recent tariff adjustments that are drawing private investors to embedded generation partnerships with electricity distribution companies (Discos).
However, he noted that more work needs to be done. “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.
The new chairman also announced plans for public awareness campaigns to educate Nigerians on energy efficiency and the need for infrastructure planning that matches urban development.
He cited examples of residential areas in Lagos, such as Lekki Phase One, being converted into commercial hubs without corresponding power infrastructure upgrades, leading to overloads and transformer failures.
“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,” Bakare said.
