Akwa Ibom Assembly Committee Submits Report on Ibom Energy Corporation Bill

Akwa Ibom Assembly Committee Submits Report on Ibom Energy Corporation Bill

By Iniobong Etuk

The House Committee on Petroleum Matters in the Akwa Ibom State House of Assembly has presented its report on a bill seeking to establish the Ibom Oil and Gas Corporation, with recommendations for significant amendments and a change of name to Ibom Energy Corporation.

Presenting the report during plenary, the Committee Chairman, Hon. (Engr.) Udobia Friday Udo, said the bill aligns with Pastor Umo Eno’s ARISE Agenda, particularly its energy sector policy, which seeks to encourage the state’s direct participation in oil, gas, and renewable energy development.

Hon. Udobia explained that the bill was read the second time on February 8, 2025, and referred to the Committee for detailed consideration. In the course of its assignment, the Committee held several meetings and organized a public hearing in August 6, 2025, which was attended by key government officials, representatives of oil companies, civil society groups, and chairmen of oil-producing local government areas. He said inputs were also received from the State Attorney-General, relevant commissioners, and the Akwa Ibom Investment Corporation, among others.

According to the Committee’s findings, the bill represents a major step towards achieving Governor Umo Eno’s energy policy objectives under the ARISE Agenda. It observed that when passed into law, the bill would ensure more efficient management of the state’s oil and gas resources, create employment opportunities, attract investment, and build the capacity of local professionals to participate actively 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 also proposed that the Corporation be empowered to explore renewable energy resources and partner with public and private entities on clean energy technologies.

Other key amendments includes the inclusion of a representative of the Akwa Ibom Investment Corporation (AKICORP) on the board, the introduction of clear qualifications for the Managing Director—who must hold a university degree and have at least ten years of relevant experience—and a requirement that the Corporation publish its audited and annual reports at the end of every financial year. The Committee also recommended that the law be cited as the Ibom Energy Corporation Law, 2025.

Hon. Udobia expressed appreciation to members of the Committee for their dedication and urged the Assembly to adopt the proposed modifications and pass the bill into law.

According to Udobia, the bill is a strategic step towards positioning Akwa Ibom as a major player in Nigeria’s evolving energy landscape, as it will not only strengthen the state’s economic base but also open up opportunities in renewable energy and clean technology.

The report has been laid before the House for consideration and possible passage into law.