By Bisiriyu Rafiu
29th August 2025 | Alausa, Ikeja
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 major player in the global oil and gas industry.
The public hearing, which took place at the Assembly complex, was declared open with a keynote address delivered by Deputy Speaker Hon. Mojisola Meranda, representing Speaker Rt. Hon. Mudashiru Obasa.
Obasa described the proposed legislation as pivotal, especially following the discovery of oil in commercial quantity in Lagos. He said the law 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,” Obasa stated.
He further explained that the Ibile Energy Corporation would help Lagos meet its rapidly growing energy needs while reducing reliance on traditional sources, and also promote cleaner alternatives such as electric vehicles, thereby cutting emissions and improving air quality.
Chairman of the House Committee on Energy and Mineral Resources, Hon. Sabur Oluwa, noted that the Bill seeks to expand the mandate of the existing Ibile Oil and Gas Corporation. Under the new law, the corporation would be empowered to engage in upstream and downstream oil and gas operations, as well as clean energy ventures, including the establishment of electric vehicle charging stations.
Oluwa emphasized that the legislation provides a robust governance framework, including a Board of Directors, a Managing Director, funding mechanisms, and strict accountability measures such as periodic audits and transparent financial reporting. He added that the hearing was convened to harness the views of citizens, experts, and stakeholders to enrich the proposed law.
The Commissioner for Energy and Mineral Resources, Mr. Abiodun Ogunleye, described the Bill as a bold step to strengthen Lagos’ competitiveness in the oil and gas industry. He said the new corporation would serve as a tool to empower the people, attract global investment, and drive environmentally sustainable growth.
Similarly, the Managing Director of Ibile Oil and Gas, Mrs. Doyin Akinyanju, highlighted that the company currently employs 230 workers. She said the Bill would give the firm a stronger footing to compete, secure funding, and attract investors, while commending the board, led by Engr. Lere Odusote, for supporting the company’s mission of providing sustainable and clean energy.
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 central to its operations to prevent the loss of lives, assets, and infrastructure.
Also speaking, Engr. Odukoya, Head of Oil and Gas at the Lagos State Environmental Protection Agency, described the Bill as a welcome development but emphasized the need to incorporate strong environmental protection measures. He warned that Lagos must avoid the kind of ecological hazards witnessed in the Niger Delta, where oil exploration has polluted water bodies, farmlands, and communities.
The event recorded the presence of many Honourable members of the House, including Hon. Gbolahan Ogunleye (Ikorodu Constituency I), Hon. Abiodun Moshood (Ikorodu Constituency II), and several others, reflecting broad legislative interest and support for the initiative.
The Assembly, in conclusion, assured stakeholders that all contributions and recommendations from the hearing would be carefully considered to enrich the final law and ensure the success of the Ibile Energy Corporation.
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