Lagos State House of Assembly has demonstrated its determination to enact laws that would transform the energy sector of the state. The House yesterday held a public hearing on the Ibile Energy Corporation Law.

The bill when passed into law is expected to provide investment in the oil and gas sector and electric vehicle solutions to support transportation infrastructure in the state.

Speaking during the public hearing, the Chairman House Committee on Energy and Mineral Resources, Oluwa Sabur, said the proposed law would empower the corporation to collaborate and make investments for the purpose of participating in oil and gas bid rounds, including marginal field allocations.

Sabur said: “This bill before us seeks to establish Ibile Energy Corporation as the state owned entity with powers to participate in the oil and gas activities across the upstream, midstream and downstream sectors. “While also expanding into the renewable energy, clean energy solutions and electric vehicle infrastructure.

“The bill wants to replace the Ibile Oil and Gas Law of 2015. And what it intends to do really is to give the Ibile Oil and Gas now to be transitioned into Ibile Energy with more mandate to play in the oil and gas, renewable energy and also other sectors that we think can also play as a state.”