The Lagos State Government Monday formally inaugurated the state-owned oil company, Ibile Oil and Gas Corporation (IOGC), as a business arm of the state in the oil and gas industry.

Speaking at the formal inauguration of the company’s corporate head office in Lagos, the state Governor, Akinwunmi Ambode, 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).

This multi-billion dollar investment will effectively complement the oil exploration activities of Yinka Petroleum and other oil exploration companies that will also operate in the Dahomey Basin in the future. This will complete the Lagos State oil and gas security tripod of exploration and logistics in the western axis, refining in the eastern axis and funding and exportation through the banks and the ports in the central axis,” Ambode explained.

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.

According to him, this has been the main driving force behind his commitment to develop strategies and policies that will continue to ease the process of doing business in the state.
Ambode, who was represented by the state Commissioner for Energy and Mineral Resources, Mr. Olawale Wasiu Oluwo, added that “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, however, noted that the state government is taking proactive measures and would soon commit substantial investment to prevent possible occurrence of these challenges.
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 finalising the front –end engineering design and development work on a gas commercialisation 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.


https://brandspurng.com/lagos-inaugurates-state-oil-company/

Good initiative. Hope the corrupt politicians will not exploit this wonderful move by the Lagos state government !!!

He said the company was set up to manage the downstream and upstream activities of the state and protect the interest of all stakeholders.

Tinubu Oil Company

Owo ego

Some people will not like this development but hope it's for the good of the people not the dirty politicians.

with what

igbozionism:
why will lagos have her own state managed oil company when non of the Niger delta states has none? I weep for this country

Who hold their destiny from constituting same office ?

[quote author=dealslip post=56568536]

Can the country

When they say Lagos has oil in commercial quantity yet no known quantity of barrel output..

fearNORTH:
When they say Lagos has oil in commercial quantity yet no known quantity of barrel output..

make dem use only lagos oil ooooo




who cares



one bottle of oil

igbozionism:


you just typed trash. you didn't even address my post but you were in a hurry to type off point. the question is "why will Lagos state have a state owned oil company but the Niger delta states that produce the bulk of the oil have non?


smh for the injustice in the country

U are ignorant of what u are saying, all nigerdelta states has their own oil company

Who is the chairman of that company?

Good initiative

igbozionism:


you just typed trash. you didn't even address my post but you were in a hurry to type off point. the question is "why will Lagos state have a state owned oil company but the Niger delta states that produce the bulk of the oil have non?


smh for the injustice in the country

To be very polite,your post is unintelligent.
AGIP is Italian
SHELL is Dutch and
TOTAL is French do those countries have oil?
Nestlé is Swiss do they have Cocoa or Coffee?
Oil companies are Value Addition entities. That means they are intelligence intensive industries, a concept that will totally elude you
If those states have NONE maybe it is because they allow themselves to be led by the likes of Ibori, Uduaghan, Odili, Amaechi and Akpabio. If they have the same quality of leader that Lagos had since 1999 we would surely be singing another song

igbozionism:
why will lagos have her own state managed oil company when non of the Niger delta states has none? I weep for this country

every niger delta stste has its own oil company. Go and figure

Ibile la won eleyi!

Small time na, one heediot go say make dem bring headquarters come Gbaramatu. Wetin stop dem to form oil company carry headquarters where dem like
The vision for this company transcendsNigeria .

dealslip:


Can you guys just leave Lagos alone. At least according to your Logic, Lagos is only a wannabe oil producing state. Charge your governors to develop their state and resources with all the oil money. I honestly cannot wait for Biafra, we would see how you would take this no man's land with you. You guys all detest Tinubu, calling him slave, evil but you all want to enjoy the development plans he initiated and has been ensuring succession planning and continuation. It is really exasperating.

Those bush biafrans are hate personified and a true definition in sadism
They will vote idiots without any plan but to steal as governor just for no other reason but hate and will now come bring their rubbish here against those that elected a working governor

this is new

Lagos deceiving Nigerians and themselves. Only a fool will believe that Lagos has oil. If yorubaa has oil, I promise you....they will start pushing for secession. Trust me...I know them very well like I know my wife. I did my primary school in Ogun and university in Lagos. I speak fluent yorubaa than most of these so-called yorubaas in Lagos from other SW states claiming Lagos.

igbozionism:


you are the one that is not intelligent, sir. I asked why Lagos has an indigenous oil company to extract her oil but Niger delta states dont? you didnt provide any answer but went on to talk about shell, agip etc which is totally irrelevant. if Lagos could could be allowed to have one it is only fair for them to be allowed to have their!

pls stop deluding yourself about the quality of leaders Lagos had. Lagos is simply developed because it is the formal fct and bulk of fg investments that can be found there which led to population implosion and also coupled with the sea port. akpabio performed better than brt,fashola,ambode but that still didn't make akwa ibom better than Lagos. if you think you have quality leaders than the rest of the country make Oyo to be like lagos

That is like asking why I wake up and go to work in the morning and you go smoking weed?
It is called choice. Why do Italy France and Holland have AGIP, TOTAL and SHELL when they have no oil and Nigeria has the moribund NNPC ? Because they make smart choices.
Why do your children have polio while mine are healthy. .?
I hope that helps
The company is a business it is not limited to Lagos or Nigeria oil.Just like you have the right to start such a business so does Lagos State , There is nothing stopping other states doing so whether alone or in combination /partnership with other entities individual corporate or governments and if they do they are free to compete with SHELL and others. This is not limited to oil and gas but ANY OTHER BUSINESS whether Telecommunications, Aviation, Banking etc.Everything Dangote is doing a state government can do.The problem with Niger Delta Leaders is they lack imagination

igbozionism:


you are the one that is not intelligent, sir. I asked why Lagos has an indigenous oil company to extract her oil but Niger delta states dont? you didnt provide any answer but went on to talk about shell, agip etc which is totally irrelevant. if Lagos could could be allowed to have one it is only fair for them to be allowed to have their!

pls stop deluding yourself about the quality of leaders Lagos had. Lagos is simply developed because it is the formal fct and bulk of fg investments that can be found there which led to population implosion and also coupled with the sea port. akpabio performed better than brt,fashola,ambode but that still didn't make akwa ibom better than Lagos. if you think you have quality leaders than the rest of the country make Oyo to be like lagos

You are not well informed about anything in the Oil and Gas Sector. The Ibile Oil and gas company is owned by the Lagos state but the Oil produced is owned by the FG through NNPC and Lagos will only get it's own share of the 13% derivatives. Your state Governors have many private Oil companies that drill and produce Oil, they collect contracts from the Oil majors but all the money accured is going into their pockets which they ought to make a state govt Oil company since they are using the state money.

Ambode could have done that too by secretly setting up a private Oil company to collect drilling and production contracts from NNPC but he didn't do that instead he set up a Lagos state Oil company to do that. So all the money accused is coming back to the state purse.

Lagos Oil is Nigeria's Oil they will only get 13% derivatives.

igbozionism:
why will lagos have her own state managed oil company when non of the Niger delta states has none? I weep for this country

Are you not suppose to address this question to Niger delta governors? Or is there a law stopping them?

This is our Lagos.

Lushore1:


Are you not suppose to address this question to Niger delta governors? Or is there a law stopping them?

He is ignorant but he thinks he knows it all a double tragedy.
We have only just started. .We shall soon launch an airline,bank and telecommunications/mobile network company
That is how strategic thinkers plan for secession and not by creating rogue radio stations and hanging out with oloshos

yemmight:
This is our Lagos.

Really?

post=56599967:

Really?

Wetin Akiolu know? That one na king?

post=56599967:

Really?

That false news

The Oba has dismissed those behind it as idiottts

Watch and see how Lagos will overtake the former oil producing states in term of management, benefit and expansion to her citizens..

igbozionism:
why will lagos have her own state managed oil company when non of the Niger delta states has none? I weep for this country

Who stopped them?