Akwa Ibom Breaks New Ground With Passage Of Ibom Energy Corporation Law

By Asuquo Edem

The Akwa Ibom State House of Assembly has passed into law a bill seeking to establish the Ibom Energy Corporation, marking a major step toward enhancing the state’s participation in the oil, gas, and renewable energy sectors.

The legislation, earlier titled Ibom Oil and Gas Corporation Bill, was reviewed and amended by the House Committee on Petroleum Matters, chaired by Hon. (Engr.) Udobia Friday Udo, to reflect a broader focus on energy development.

In its report presented during plenary, the Committee noted that the law represents a strategic fulfillment of Governor Pastor Umo Eno’s policy thrust under the ARISE Agenda, aimed at ensuring direct state participation in oil and gas projects as well as the promotion of clean and renewable energy initiatives.

According to the report, the new Ibom Energy Corporation Law, 2025 will facilitate efficient exploration, production, and management of Akwa Ibom’s energy resources while promoting job creation, entrepreneurship, and economic diversification.

The committee further observed that the law would attract both local and foreign investment, enhance the capacity of professionals and entrepreneurs in the energy sector, and ensure energy security through a stable supply of petroleum and renewable energy products.

Before the bill’s passage, the Committee conducted a well-attended public hearing involving key stakeholders including the State Attorney-General, Commissioners for Environment, Trade and Investment, and Special Duties, ALGON representatives, oil-producing LGAs, civil society groups, and industry operators.

Following the deliberations, key amendments were adopted — notably replacing the phrase “Oil and Gas” with “Energy” across all sections of the bill. New provisions were also introduced to promote renewable energy exploration and partnerships between public and private entities to advance clean energy technologies.

In his concluding remarks, Hon. Udobia expressed gratitude to members of the Committee and the House leadership for their dedication, emphasizing that the passage of the bill “marks a new dawn for Akwa Ibom’s energy independence and industrial growth.”

The Speaker of the Akwa ibom State House of Assembly, Elder Udeme Otong who prisided over Plenary, commended the committee for a job well done and asked the Clerk, Mrs. Nsikakabasi Orok to communicate the resolutions to the Executive Governor for implementation.

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