The Governor of Lagos State, Mr. Akinwunmi
Ambode, has said the state expects to get
its first derivation fund following the first
export from the Aje oil field located offshore
Lagos.

Ambode disclosed this on Tuesday in Lagos
at this year’s Annual International
Conference and Exhibition of the Nigerian
Association of Petroleum Explorationists.

Yinka Folawiyo Petroleum Company Limited,
a wholly owned indigenous firm and operator
of the OML 113, had on May 3 announced
the commencement of crude oil production
on the Aje field.

Oil-producing states are entitled to 13 per
cent derivation fund from the Federation
Account.

The governor, who was represented by the
Commissioner for Energy, Mr. Wale Olowu,
said, “I am pleased to announce that the first
export from the Aje oil field has happened.
That is not the big deal; the big deal is that
Lagos State is anxiously awaiting its first
derivation in December. So, in December, we
will be collecting our first derivation.

“We cannot wait to see a lot of oil and gas
come under the soil of Lagos because it will
help us in the area of employment; it will
help us in the area of electricity generation,
which we want to do off-grid anyway, and it
will also help us in making sure that our
revenue continues to be diversified.”

Ambode said they would continue to work to
make Lagos the investment and oil and gas
hub of the nation, adding, “We reassure all of
you stakeholders in the industry of our
commitment to provide a safe and secure
environment for exploration activities that is
consistent with global best practice.”

He said the state was also closely
monitoring and “getting ready to massively
support other Oil Prospecting Licences in
Lagos to make sure they can quickly
transform to Oil Mining Leases”.

He said the state had established its own oil
and gas corporation called Ibile Oil and Gas,
which, he said, would open for business by
next month.

Ambode said the company would be
involved in exploration, development, and
production, among others.

He said, “We also want the development of
the oil and gas industry in Lagos. We didn’t
plan it originally. But now that we are seeing
the evolution, we are doing everything
possible to bring them together because on
our west coast, we have found oil.

“On the east coast, we already have Dangote
refinery that is the largest in Africa and one
of the largest in the world, and then in our
centrals, we have the banks that can finance,
the oil tank farms and then we have the
seaport for export.”

According to the Federal Government, four of
the five Aje oil wells discovered in Lagos
belong to the state.

The Chairman, Indices and Disbursement
Committee, Revenue Mobilisation Allocation
and Fiscal Commission, Alhaji Aliyu
Mohammed, said during a recent visit of a
delegation of the committee to the Lagos
State Government that the verification by the
committee and its recommendation would
facilitate the disbursement of 13 per cent
derivation fund to the state in line with the
Nigerian Constitution.


punchng.com/oil-production-lagos-expects-first-13-derivation-fund-december/

Good

.

Ambode is going to be one man lagos will forever remember

He will write his name on the sand of time.

Good

.

More pocket money for Ambode

Some people won't like this

















You guys are sick
So because I made an overtly tribalistic comment, you all rushing to click likes.

Don't post anything if you don't like this news, just move to the next thread. Thank you.

GOD bless lagos state.

We await news from the north.

IPOB .... what do u have to say

This is Good news. I think Ambode is doinq a good job in lagos.

Our oyel.

+

So soon!!!

A welcome development though. But let the nation feel the impact of your exploration before you start to claim your derivation.

Lol.

Everybody wan chop oyel money.

I do not support this. I am of the opinion that Lagos should be giving special status and Lagos should lose about 30% of its internally generated revenue to Federation since this IGRvis accrue to it by its special status as former nation capital and also because of FG disposition to it ahead of other competing states with similar potential sources of IGR.

Good one. It's a pity lagos is inside Nigeria

Ok

More money for the kingmakers

Excellent!

Long overdue. If you not happy go hug high tension wire.

At least Alhaji Tinubu would take it easy from plans to decamp...this would offset his losses including Ondo, commercial loss ans chief which is compensation for providing security and hotel expenses for Buhari during election.

13% even when you extract and export only 60barrels per day...lol

OlaSpeaker:
The Governor of Lagos State, Mr. Akinwunmi
Ambode, has said the state expects to get
its first derivation fund following the first
export from the Aje oil field located offshore
Lagos.

Of course, congrats ahead
Yinka Folawiyo Petroleum Company Limited,
a wholly owned indigenous firm and operator
of the OML 113, had on May 3 announced
the commencement of crude oil production
on the Aje field.

This is how it should be in every state. Imagine alakija Folorunsho should be gifted this oil well in honour of her service to Nigeria........... Yes you get the Niger Delta story

“We cannot wait to see a lot of oil and gas
come under the soil of Lagos because it will
help us in the area of employment;
Imagine staffs are brought in from NE, NW, NC, Ss & SE while SW contributes trainees after all it's one Nigeria


it will help us in the area of electricity generation,
which we want to do off-grid anyway
But other zones load theirs on the National grid

He said the state had established its own oil
and gas corporation called Ibile Oil and Gas,
which, he said, would open for business by
next month.
Ambode said the company would be
involved in exploration, development, and
production, among others.

Other zones didn't have this opportunity and are still being denied the opportunity by the father land


“On the east coast, we already have Dangote
refinery that is the largest in Africa and one
of the largest in the world, and then in our
centrals, we have the banks that can finance,
the oil tank farms and then we have the
seaport for export.”

Again, this is how it should be

According to the Federal Government, four of
the five Aje oil wells discovered in Lagos
belong to the state.

Are the NDA wrong to demand the same?

Isn't what is good for the goose good for the gander?
you have oil, do you understand our "hate"

Emassive:
13% even when you extract and export only 60barrels per day...lol

Chaii, E pain Mr Okoro

IPOB: Our attention has been drawn to the purported oyel export from Lagos and the expected 13% derivation payment, we hereby state that the oyel belong to us, as Lagos is a Biafra land. Therefore we are ready to form our government under Nnamdi Kanu to manage the resources from our oyel proceed.

We are always around for business... Anywhere the business moves.. We Move..

LoveDecay:
We await news from the north.

IPOB .... what do u have to say

Emassive:
13% even when you extract and export only 60barrels per day...lol

The haters are here.

Emassive:
13% even when you extract and export only 60barrels per day...lol

That 13% can feed you generation..

Over to the Igbos

Donlamzy:
I love Lagos state, buh I hate the country it's Located

really..why not move it to biafra.. afterall lagos is a no mans land sorry Igbos land isnt it?...mugus