Saturday August 9, 2025
By TheNewsDESK |
By Ray EKPE
The Akwa Ibom State House of Assembly on Wednesday held a public hearing on a crucial Bill seeking the establishment of the Ibom Oil and Gas Corporation,a bold legislative initiative spearheaded by Hon. Prince Ukpong Akpabio, member representing Essien Udim State Constituency.
Prince Akpabio, the sponsor of the Bill, is championing the creation of a state owned oil and gas company aimed at positioning Akwa Ibom State as a key player in the petroleum industry. The proposed corporation is expected to drive active state participation in upstream operations, including exploration, drilling, and production a move seen as transformative for the state’s economic landscape.
Chairman of the House Committee on Petroleum Matters, Engr. Udobia Friday Udo (Esit Eket/Ibeno), who led the hearing, commended the initiative, stating that the Bill aligns with Governor Umo Eno’s ARISE Agenda and is designed to harness the state’s rich natural resources for economic advancement.
“The Bill, as sponsored by Hon. Prince Akpabio, is a strategic step toward direct state involvement in the oil and gas sector. It will enable Akwa Ibom to participate in bid rounds for marginal fields, collaborate with private and public sector actors, and invest in critical downstream activities such as gas processing, product retailing, and pipeline infrastructure,” Udobia said.
He emphasized that beyond boosting internally generated revenue, the corporation once established would create employment opportunities, stimulate industrial growth, and reduce over-dependence on federal allocations.
Speaking on behalf of the Speaker, Rt. Hon. Udeme Otong, the Deputy Leader and Member for Eket, Hon. Dr. Nsidibe Akata, reiterated the Assembly’s commitment to inclusive governance, noting the public hearing as a vital process in ensuring that the voices of constituents are captured in lawmaking.
According to him, the Ibom Oil and Gas Corporation will be a legally recognized corporate body with perpetual succession and powers to own assets, sue and be sued, and operate independently in line with its corporate objectives.
The hearing saw active participation from civil society organisations, government stakeholders, and host community representatives, who submitted memoranda to the Petroleum Matters Committee for consideration as the Bill moves into the next phase of legislative action.
Prince Akpabio’s leadership in sponsoring this Bill marks a significant milestone in Akwa Ibom’s push for economic autonomy and sectoral diversification.
