Monday, May 16, 2016 7:04 pm
Tunde Folawiyo, group managing director of Tunde Folawiyo Petroleum Company has presented Governor Akinwunmi Ambode of a sample of crude being produced in Badagry Lagos.
The feat now puts Lagos state among Nigeria’s oil producing states.
Folawiyo said that the discovery of crude oil in Lagos took 25 years to achieve and cost $400 million.
“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 main crux is that we need government and government needs us and where government supports assiduously, it can only be success,” he said.
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.
Ambode commended the firm for its 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.
“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.
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 State.
“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.