The Lagos State House of Assembly has expressed strong backing for the establishment of the Ibile Energy Corporation, a state-owned company that will drive 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 enable Lagos to meet its rising energy demand while reducing reliance on traditional sources.
He noted that, beyond boosting oil and gas participation, the corporation would promote cleaner alternatives such as electric vehicle solutions, thereby cutting emissions and improving 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 said.
Chairman of the Committee on Energy and Mineral Resources, Sobour Oluwa, explained that the bill seeks to provide a robust governance framework for the corporation, including a Board of Directors, Managing Director, funding mechanisms, and accountability measures such as audits and financial reporting.
According to him, the hearing was convened to gather input from citizens, experts, and stakeholders on the strengths and opportunities in the proposed law.
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