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Lagos Assembly Set To Establish Ibile Energy Corporation …. Holds Meeting With Stakeholders
The Lagos State House of Assembly has held a public hearing on a Bill seeking to establish the Ibile Energy Corporation, a move aimed at meeting the State’s growing energy demands and positioning it as a player in the global oil and gas industry.
The public hearing, held at the Assembly complex on Thursday, was declared open with a keynote address delivered by Deputy Speaker Hon. Mojisola Meranda on behalf of the Speaker, Rt. Hon. Mudashiru Obasa.
Obasa said the proposed legislation was pivotal, given the discovery of oil in commercial quantity in Lagos State, and would enable strategic investment in oil, gas, and renewable energy to boost revenue generation, create jobs, and support sustainable development.
“The Bill is designed not only to enhance the State’s oil and gas activities but also to diversify into renewable energy solutions, electric vehicle infrastructure, and climate-friendly initiatives,” he stated.
Chairman of the House Committee on Energy and Mineral Resources, Hon. Sabur Oluwa, explained that the Bill would expand the mandate of the current Ibile Oil and Gas Corporation, enabling it to engage in upstream and downstream oil and gas operations, as well as clean energy businesses, including establishing electric vehicle charging stations.
Oluwa stated that the exercise is a vital part of the assembly’s legislative process, saying that it allows the lawmakers to engage with citizens, industry experts, and stakeholders to better understand the strengths, concerns, and opportunities within this Bill.
“This Bill before us seeks to establish the Ibile Energy Corporation as a state-owned entity with powers to participate in oil and gas activities across the upstream, midstream, and downstream sectors, while also expanding into renewable energy, clean energy solutions, and electric vehicle infrastructure.
“It proposes a governance framework with a Board of Directors and a Managing Director, funding mechanisms, and accountability provisions such as audits and financial reporting. Importantly, it repeals the 2015 Ibile Oil and Gas Corporation Law, reflecting a broader vision for Lagos State’s energy future.
“As a Committee, our role is to listen, review, and carefully weigh the perspectives presented here today. We approach this process with neutrality, guided by our duty to ensure that the final legislation, if passed, reflects the best interest of Lagos State and its people.
“I encourage all participants to make their contributions candidly and constructively. Your insights will help enrich the legislative process and shape a law that addresses the current and future energy needs of our State,” he said.
The State Commissioner for Energy and Mineral Resources, Mr. Biodun Ogunleye, described the move as a bold step to strengthen the State’s competitiveness in the oil and gas industry. He said the corporation would serve as a tool to empower the people and attract global business opportunities.
The Managing Director of Ibile Oil and Gas, Mrs. Doyin Akinyanju, noted that the company currently employs 230 workers and emphasized that the Bill would give the firm a stronger footing to compete, attract investors, and secure funding. She commended the board led by Engineer Lere Odusote for its support in driving the company’s mission of providing sustainable and clean energy.
In his remarks, a representative of the Lagos State Safety Commission, Mr. Festus, described Ibile Oil and Gas as the “NNPC of Lagos,” stressing that safety must remain at the core of its operations to prevent loss of lives, assets, and infrastructure.
The Assembly then assured stakeholders that all contributions and recommendations from the hearing would be carefully considered to enrich the final law.
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