Akwa Ibom State House of Assembly House Committee on Petroleum Matters has submitted its report on a bill seeking to establish Ibom Oil and Gas Corporation, with recommendations for extensive amendments, including a proposed change of name to Ibom Energy Corporation.
Presenting the report during plenary, Committee Chairman, Engr. Udobia Friday Udo, said the bill aligns with Governor Pastor Umo Eno’s ARISE Agenda, particularly its energy sector policy, which promotes the state’s direct participation in oil, gas and renewable energy development.
Engr. Udo recalled that the bill was read the second time on February 8, 2025, and referred to the Committee for in-depth consideration.
He said during its assignment, the Committee held several meetings and organized a public hearing on August 6, 2025, which attracted government officials, representatives of oil companies, civil society organizations and chairmen of oil-producing local government areas.
Inputs were also received from the State Attorney-General, relevant commissioners, and Akwa Ibom Investment Corporation (AKICORP).
According to the Committee’s findings, the bill represents a major step towards actualizing Governor Eno’s energy policy objectives under the ARISE Agenda.
It observed that once passed into law, the bill would enhance the management of the state’s oil and gas resources, create employment opportunities, attract investments and build local capacity for participation in the energy sector.
The Committee recommended that all references to “Oil and Gas” in the bill be replaced with “Energy” to reflect a broader focus that includes renewable energy.
It further proposed empowering the Corporation to explore renewable energy sources and collaborate with both public and private entities on clean energy technologies.
Other key recommendations include the inclusion of a representative of AKICORP on the board; the stipulation of clear qualifications for the Managing Director, who must possess a university degree and a minimum of ten years of relevant experience; and a requirement for the Corporation to publish its audited and annual reports at the end of every financial year.
The Committee also advised that the law be cited as the Ibom Energy Corporation Law, 2025.
Engr. Udo commended members of his Committee for their diligence and urged the House to adopt the proposed amendments and pass the bill into law.
According to him, the bill is a strategic move to position Akwa Ibom State as a key player in Nigeria’s evolving energy landscape, strengthening its economic base and unlocking new opportunities in renewable energy and clean technology.
The report has been laid before the House for consideration and possible passage into law.
