Seeks to play in oil, gas, renewable energy sectors
Lagos State House of Assembly has demonstrated its determination to enact laws that would transform the energy sector of the state.
The House on Thursday held a public hearing on the Ibile Energy Corporation Law. The bill when passed into law is expected to provide investment in the oil and gas sector and electric vehicle solutions to support transportation infrastructure in the state.
Speaking during the public hearing, the Chairman House Committee on Energy and Mineral Resources, Oluwa Sabur, said the proposed law would empower the corporation to collaborate and make investments for the purpose of participating in oil and gas bid rounds, including marginal field allocations.
Sabur said: “This bill before us seeks to establish Ibile Energy Corporation as the state owned entity with powers to participate in the oil and gas activities across the upstream, midstream and downstream sectors.
“While also expanding into the renewable energy, clean energy solutions and electric vehicle infrastructure.
“The bill wants to replace the Ibile Oil and Gas Law of 2015. And what it intends to do really is to give the Ibile Oil and Gas now to be transitioned into Ibile Energy with more mandate to play in the oil and gas, renewable energy and also other sectors that we think can also play as a state.
“Because Ibile Energy Corporation is our investment sector in the oil and gas sector and we are trying to expand the scope and the mandate of that corporation.”
In his keynote address, the Speaker of the House, Mudashiru Ajayi Obasa, said energy remains a vital driver of modern life and economic growth.
Obasa, who was represented by the Deputy Speaker, Meranda Mojisola Lasbat, said every individual, household, and enterprise depends, in one way or another, on oil, gas, or alternative sources of energy.
He said: “The Bill before us is therefore pivotal. Its primary objective is to meet the growing energy demand of our State by strategically investing in oil, gas, and renewable energy activities.
“With the discovery of oil in commercial quantity within Lagos State, this legislation positions us among global oil-producing entities, while also creating new opportunities to diversify into renewable energy solutions.
“The benefits are multifaceted. First, revenue generation for the State will receive a significant boost, thereby empowering government to undertake more life-changing developmental projects.
“Second, the law will stimulate massive job creation for our people by enabling investment in midstream oil and gas activities—such as gas processing, pipeline deployment, and petrochemical plants.
“These ventures will attract industries, expand employment opportunities, and improve livelihoods across the State.
“In addition, the corporation envisaged under this Bill will be governed by a Board made up of individuals of proven integrity and expertise in the oil and gas sector. With sound policies and guidelines in place, we are confident that the corporation will be shielded from inefficiency, mismanagement, or corruption.”
On his part, the Commissioner for Energy and Mineral Resources, Mr Biodun Ogunleye, said the bill is a bold step to make oil and gas competitive in the state.
He said the job of ensuring clean energy is part of the mandate of the ministry. He said the Ibile Energy will help the ministry with global businesses.
He noted that the bill is an article and memo of incorporation of the company and that it is a tool to empower the people.
