- The Lagos Assembly backed the creation of Ibile Energy Corporation to invest in oil, gas, and renewables to meet rising demand.
- The corporation will promote EVs and position Lagos as a sustainable energy hub.
The Lagos State House of Assembly has supported the establishment of the Ibile Energy Corporation, a state-owned company designed to attract investments in oil, gas, renewable energy, and other power 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 growing energy demand and reduce dependence on traditional sources. He stressed that beyond boosting oil and gas participation, the corporation would promote cleaner alternatives such as electric vehicle solutions, which could cut 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,” Obasa said.
Chairman of the Committee on Energy and Mineral Resources, Sobour Oluwa, explained that the bill outlines a strong corporate governance structure, including a Board of Directors, a Managing Director, funding mechanisms, and accountability measures such as audits and financial reporting. He added that the hearing was convened to gather input from citizens, experts, and stakeholders on the proposed law’s strengths and opportunities.
Commissioner for Energy, Abiodun Ogunleye, noted that the bill would make Ibile Energy more competitive, innovative, and environmentally responsive, positioning Lagos as a leader in sustainable energy solutions.