Lagos state government will soon receive the payment of the first oil derivation cash after being declared an oil producing state by the Federal Government last year.
The Lagos State Commissioner for Energy and Mineral Resources, Olawale Oluwo told journalists that the money is ready, adding that the state was only waiting for the agencies responsible to do the needful.
Oluwo said: “The first oil export has happened. The derivation has been calculated. It is the Revenue Mobilisation Allocation and Fiscal Commission(RMAFC) that we are waiting on now to give that certification so it can be paid. But it is ready, and the money is available with the RMAFC.”
He siad Ibile Oil & Gas Corporation, the business arm of the Lagos State oil and gas operations, has concluded setting up its structures and has gone into marketing of the new oil firm for operation and partnerships, saying the oil firm will play in all the oil and gas value chain.
“They are into the downstream, midstream and upstream. They have been mandated to freely invest anywhere in the world and intervene in any area of business. However, the firm has no done any project.
The company just started about five months ago. They have put their structures and strategies in place.
“Currently, they are moving into business development, they are marketing. They are doing a front end work and sometime later this year they will go into majorprojects. On technical partner, the company has the flexibility to partner with anybody or firm. It will not have a single technical partner. The technical partner should be based on project by project,” he added.