Lagos State Governor, Mr. Akinwunmi Ambode (right), receiving a sample of the Crude Oil discovered in the State by the Group Managing Director, Tunde Folawiyo Petroleum Company Limited, Mr. Tunde Folawiyo during a courtesy visit to the Governor, at the Lagos House, Ikeja on Monday, May 16, 2016.
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.
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