In a bid to maximize the discovery of crude oil in Lagos, the state government has formally inaugurated the state-owned oil company, Ibile Oil and Gas Corporation as its business arm in the oil and gas industry.
Governor Akinwunmi Ambode speaking at the formal inauguration of the company’s corporate head office in Lagos, said the initiative was another giant step in the determination of the state to leverage on the recently acquired status of oil producing state in Nigeria.
He said the company was set up to manage the downstream and upstream activities of the state and protect the interest of all stakeholders.
“Lagos State is at the threshold of witnessing a boost in economic growth and employment generation given the evolving developments in its investment climate, particularly the oil and gas sector. The Dangote refinery, the largest in Africa and one of the biggest in the world, will soon come on stream at the Lekki Free Trade Zone (LFTZ)
The governor said with the inauguration of the office complex, the Ibile Oil and Gas Corporation is being positioned to become a leading player in the oil and gas industry. He said his government was aware of the multiplier effects that a viable oil and gas industry would bring about in terms of investment opportunities that would be created in allied industries and sectors of the state economy.
“As a government, we are also not unmindful of the potential risks inherent in the oil and gas exploration industry in terms of oil spills, underwater aquatic contamination, gas flaring, community conflicts, youth restiveness, and health and safety issues,” he added.
In her welcome address, the Managing Director of the company, Ola Debayo-Doherty, stated that to flag off the company’s operations, the company is finalizing the front- end engineering design and development work on a gas commercialization project to be completed in 2019.
According to her, the project will enable the achievement and realization of the state’s aspiration to make a step change and become the preferred business hub in Africa and also grow its economy to transform into the desired mega city.
Governor Ambode was represented at the ceremony by the state Commissioner for Energy and Mineral Resources, Mr. Olawale Wasiu Oluwo.
