Ibile Oil and Gas Corporation, Lagos State

The Lagos State House of Assembly passed into law a bill to establish Ibile Oil and Gas Corporation to invest and engage in oil and gas activities in the state and for connected purposes.
According to section 2 of the bill, the Corporation shall have powers to engage in all oil and gas upstream activities, including exploration, drilling and production; invest in a company or a consortium for the purpose of participating in oil and gas bid rounds and seeking marginal fields allocation.
Other powers of the corporation include acquiring old or new exploration and drilling prospects and prospecting abandoned wells anywhere in Nigeria and Overseas. “Optimise the benefits of Petroleum Policies of the Federal Government; acquire gas volumes and other supplies for state as may be considered appropriate.
“Liaise with the Federal Government agencies or private and multinational companies to deliver petroleum products to the state in the most effective and cost efficient manner; invest in refinery, petrochemical processing or other production processes and do all such things necessary to facilitate the discharge of its responsibilities.”
Section 3 of the bill, which talks about the establishment and composition of the Governing Board of the Corporation, states that: “There is established for the corporation a Governing Board to be known as Ibile Oil and Gas Corporation Governing Board.
The Board according to Section 3 (2) shall comprise of the Chairman; four (4) members from the Public or Private Sector; the Managing Director; and the Permanent Secretary or a representative in the Ministry of Energy and Mineral Resources not below Grade Level 15 to be nominated by the Commissioner.
The members of the Board except the ex-officio members shall be appointed by the Governor, subject to the confirmation of the House, while the appointment of the Chairman and four (4) members of the Board shall be from the five Divisions of the state.
The corporation according to Section 22 of the bill, may with the approval of the House of Assembly borrow from time to time such sum of money for and in connection with exercise of its powers under the law as the Board may deem fit.
Governor Babatunde Fashola yesterday signed the bill for law to establish the Ibile Oil and Gas Corporation.
Source: Agencies