Lagos Sate Government Set To Float Oil and Gas Corporation

There are indications that the Lagos State Government may be seeking to establish another parastatal, especially in the oil and gas business, even as debates are already on going at the Lagos State House of Assembly on a Bill for the establishment of the Lagos State Oil and Gas Corporation.
This was made known at a public hearing which was held at the state house last week on the proposed executive bill.

There are indications that the Lagos State Government may be seeking to establish another parastatal, especially in the oil and gas business, even as debates are already on going at the Lagos State House of Assembly on a Bill for the establishment of the Lagos State Oil and Gas Corporation.
This was made known at a public hearing which was held at the state house last week on the proposed executive bill.
A source told Shipping Position Daily correspondent that the Bill is already generating a lot of heat and opposition and that this was why the state government held a public hearing in order to garner stakeholders support for the bill.
At the hearing, the speaker of the State House of Assembly, Hon. Adeyemi Kuforiji who was represented by his deputy, Mr. Kolawole Taiwo argued that Lagos State has a large volume of hydrocarbon  that can enable it compete favourably with other oil producing states.
Kuforiji bragged that the state has also proved that it can perform very well in the oil sector just like the private operators, “we want to have a corporation like that of the Nigerian National Petroleum Corporation (NNPC) because we want to make life better for Lagosians”
The Attorney General and Lagos State Commissioner for Justice, Mr. Ade Ipaye explained that the rationale for the proposed corporation is because Lagos State is on the coastal zone and that oil and gas resources are situated within it.
“All the benefits are there and we need to tap into it, we consume more oil than any other state and that is why we need a refinery, though the government can go into a public private partnership, oil companies usually scout for partners and they will feel more comfortable if they partner with the government”, he had told the gathering
The bill is divided into 18 sections, section one speaks on the establishment of an oil and gas corporation, while section two speaks on the power of the corporation.