The Lagos State House of Assembly has thrown its weight behind the proposed establishment of Ibile Energy Corporation, a state-owned company that will spearhead investments in oil, gas, renewable energy, and other power-related ventures.
Speaker Mudashiru Obasa, represented by Deputy Speaker Mojisola Meranda, gave the assurance on Thursday during a public hearing on the Ibile Energy Corporation Bill at the Assembly complex in Alausa, Ikeja.
Obasa said the initiative would help Lagos meet its rising energy demand while reducing dependence on conventional sources. He added that the corporation would not only boost oil and gas participation but also champion cleaner alternatives, including electric vehicle solutions, to reduce emissions and improve air quality.
“The objective of the law is to meet energy demand by investing in oil, gas, coal, renewable energy, and related activities, locally and internationally,” the Speaker stated.
Chairman of the House Committee on Energy and Mineral Resources, Sobour Oluwa, explained that the bill provides for a strong governance structure, including a board of directors, a managing director, funding models, and strict accountability measures such as audits and financial reporting.
Commissioner for Energy, Abiodun Ogunleye, also noted that the bill would make Ibile Energy more competitive, innovative, and environmentally responsive, positioning Lagos as a leader in sustainable energy solutions.
The public hearing gathered inputs from citizens, experts, and stakeholders on the opportunities and strengths of the proposed law.
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