The Lagos State House of Assembly has thrown its weight behind plans to establish the Ibile Energy Corporation, a government-owned company expected to spearhead investments across oil, gas, renewable power, and emerging energy technologies.

The endorsement came during a public hearing on the Ibile Energy Corporation Bill, held at the Assembly complex in Alausa, Ikeja. Speaker Mudashiru Obasa, represented by Deputy Speaker Mojisola Meranda, said the move would help Lagos meet its fast-growing energy needs while diversifying away from heavy dependence on traditional sources.

Obasa explained that the initiative was designed not only to strengthen Lagos’ role in the oil and gas sector but also to push forward sustainable alternatives, including electric mobility solutions aimed at cutting emissions and improving air quality in the state.

Chairman of the Committee on Energy and Mineral Resources, Sobour Oluwa, said the proposed legislation would provide a solid governance framework for the new corporation. It outlines the establishment of a board, the appointment of a managing director, funding structures, and strict accountability requirements such as financial audits and regular reporting.

He noted that the public hearing was organized to allow experts, industry players, and citizens to contribute ideas that could enhance the strength of the bill.

Also speaking at the event, the Commissioner for Energy, Abiodun Ogunleye, said the Ibile Energy Corporation would position Lagos as a key player in the energy sector by encouraging competitiveness, innovation, and environmentally conscious practices. He stressed that the bill would help the state transition into a hub for sustainable energy solutions.

With the Assembly’s backing, the Ibile Energy Corporation Bill is expected to set the stage for a more diversified and cleaner energy future for Lagos.