The Lagos State House of Assembly is set to enact a bill to promote investment in electric vehicle solutions to strengthen the state’s transportation infrastructure.
The legislative house stated that the bill, Energy Corporation Bill, which is at the second reading, would reduce vehicular emissions and promote cleaner air across the state.
The lawmakers hinted that the bill, if implemented, would align Lagos with global best practices in sustainable energy and climate action.
Speaker of the House, Mudashiru Obasa, who was represented by the Deputy, Mojisola Meranda, in a plenary, noted that Section 4, Subsection (h), of the bill empowers the corporation to collaborate and invest in companies or consortia, adding that it would enable participation in oil and gas bid rounds, including marginal field allocations.
Before handing the proceedings of the law to the House Committee on Energy and Mineral Resources, Obasa mentioned that the bill would replace the Ibile Oil and Gas Corporation (IOGC) 2015 Law Cap 11, establishing the Ibile Energy Corporation as a state-owned entity.
He explained that the objective was to enhance the state’s energy sector, following the 1999 Constitution’s Fifth Alteration (No. 16 Act of 2023), adding that the constitutional amendment moved energy from the exclusive list to the concurrent list, empowering state legislatures to act.
“The objective of the law is to meet energy demand by investing in oil, gas, coal, renewable energy, and related activities, locally and internationally,” the Speaker said.
“The corporation would liaise with federal agencies, private firms, and multinationals to deliver petroleum products to Lagos effectively and at reduced cost.
“It would also invest in downstream activities, including petroleum retailing, tank farm acquisition, and other distribution facilities.
Chairman of the Committee, Sobour Oluwa, said the Assembly aims to engage citizens, experts, and stakeholders to examine the strengths, concerns, and opportunities within the bill
Oluwa explained that the corporation would be state-owned, with authority to participate in oil and gas activities across upstream, midstream, and downstream sectors.
He further added that the bill proposed a governance framework, a Board of Directors, a Managing Director, funding mechanisms, and accountability measures such as audits and financial reporting.
