Monday, 16 May 2016

Lagos now officially an oil producing state' Gov. Ambode

State Governor, Mr. Akinwunmi Ambode
on Monday declared that Lagos has officially
joined the League of Oil Producing States in
Nigeria following the discovery of crude oil by
Tunde Folawiyo Petroleum Company Limited in
Badagry, Lagos.
Governor 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 Tunde Folawiyo
Petroleum Company, an indigenous firm has
shown the possibilities and opportunities for
investors and businessmen willing to commit
their resources to boost local production.
“I want to commend what you have done, it’s a
sign that you believe so much in Lagos State. I
want to congratulate you, I want to showcase
you as a very good example of a dogged
entrepreneur, as someone who believes in
Nigeria because that’s what you epitomize here.
“The Federal Government has always said that
we all need to look back inwards and start to
do things for ourselves. Spending 25 years to be
able to get to this stage and get something
productive shows a lot about your belief,
tenacity and doggedness and I want to
recommend you to every other Nigerian investor
that there is still greater hope for Nigeria and
with the likes of you, I don’t see any reason
why any Nigerian needs to be afraid because
you have just shown by this indigenous
discovery that anything is possible in Nigeria.
“This discovery is by a 100 per cent indigenous
firm and at times like this when we are
experiencing dwindling revenue from different
areas of our economy; at times like this when
foreign exchange is highly turbulent, it gives
one great hope that the future prosperity of
Nigeria is assured and is secured by
transactions like this,” Governor Ambode said.
Governor Ambode said that what the historic
discovery means for Lagos is that the three
Senatorial Districts, Lagos West, Lagos East and
Lagos Central have all combined to open up the
economic and investment potentials of the
“I will like to let you know that that we have
three senatorial zones in Lagos; from the Lagos
West axis, we have crude oil coming out of it,
from the Lagos East axis, we have the
petrochemical refinery factory coming from the
Lagos Free Trade Zone by the Dangote Group
which will come on board by 2018 and from the
Lagos Central axis, it’s the financial district of
Nigeria. For Lagos, it’s designed for prosperity
and to complement every achievement that is
being recorded.
“We are likely to have three Sea Ports in Lagos
in another two years; we have the Badagry
Deep Sea Port and the Lekki Port and also the
Apapa port. So, somehow, in some manner,
some things are being put up that seems like a
puzzle, but the future prosperity of Lagos is
more than well assured and we are happy that
we are part of that and this government is
heavily committed to complement the efforts of
business men like you.
“In supporting endeavours like this, we would do
everything to support whatever it is you want us
to do to make sure that the arrow head of this
particular sector that you have championed will
not just go in vain. I can assure you of that,”
the Governor said.
Earlier, Mr. Folawiyo said that the discovery of
crude oil in Lagos, which has taken over 25
years to achieve, has gone a long way to show
the possibilities achievable if Government
continues to lend support to indigenous
investors and companies.
“At so many points along the way, we could
have given up because it was a very rough road,
but the point is that only a Nigerian company
would have continued to do what we did. The
man crux is that we need government and
government needs us and where government
supports assiduously, it can only be success,”
he said.
Asked how much has gone into the investment,
Folawiyo said the company has committed
about $400million dollars to achieve the feat.
He said the current status of the oil well has
the capacity to produce at least 12,000 barrels
per day, with a possibility to increase to 25,000
to 50,000 barrels per day in the nearest future.
Folawiyo also presented Governor Ambode with
a sample of the crude oil discovered by his
company in the State, a confirmation of Lagos
becoming the first basin out of the Niger Delta
to become an oil producing state, which
according to him, is by no means a small feat.

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