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 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.
“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.
SIGNED
HABIB ARUNA
CHIEF PRESS SECRETARY
MAY 16, 2016
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