Ambode: Lagos officially joins oil producing states

Lagos State to inject N1 billion into mortgage bank

Lagos State Governor, Mr. Akinwunmi Ambode, on Monday said the state had officially joined the league of oil-producing states in the country with the discovery of crude oil off Lagos coast by an indigenous oil firm, Yinka Folawiyo Petroleum Company Limited. Premium Times reports.

Ambode who made the declaration when the management of the company led by the Group Managing Director, Mr. Tunde Folawiyo paid him a courtesy visit at the Lagos House, Ikeja, commended the firm for their doggedness to achieve the feat after 25 years of hard work, saying that by the provision of Section 162 Sub-Section 2 of the Nigeria Constitution, Lagos has become an oil producing State.

He declared, “I want to thank you very much for this and I say it with all conviction because I know that based on section 162 Sub-Section 2 of the Nigeria Constitution, Lagos becomes an oil producing state and by virtue of this, the 13 percent derivation that is due to oil producing states, Lagos will start to partake from it by your very good gesture. So we officially declare Lagos State as an oil producing state, we also notify the Federal Government by this action that we would be sharing out of the 13 percent derivation. So all we need do is to apply and then we join.”

Governor Ambode also said that the feat has not only placed Lagos in the history books as the first state outside the Niger Delta to become an oil producing State, but has also opened up a new page for revenue generation in the State.

“It also means that by the additional revenue that is coming from this action, we would have more resources to provide infrastructure for Lagosians and this is what we want other investors and businessmen to emulate, so that beyond the issue of profit, you are actually creating impact on people without them necessarily knowing that it is actually coming from a venture like this that you have embarked on,” he said.

He said the resilience of the Yinka Folawiyo Petroleum Company has shown the possibilities and opportunities for investors and businessmen willing to commit their resources to boost local production.

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