The new discovery of oil in Lagos State started 25 years ago, according to the discoverer, Tunde Folawiyo Petroleum Company Limited.
The MD of the company, Mr. Tunde Folawiyo stated this on Monday when he led the company management team to Governor’s Office Alausa to pay Gov. Akinwunmi Ambode a courtesy visit.
Folawiyo said, “We could have given up because it was a very rough road, but the point is that only a Nigerian company would have continued to do what we did.
“The main crux is that we need government and government needs us, and where government supports assiduously, it can only be success.
In his own remark, Gov. Ambode praised the company for a job well-done, adding that the lofty achievement had added to Lagos’ sources of revenue generation.
Ambode said: “I want to thank you very much for this and I know that based on section 162 Sub-Section 2 of the Nigeria Constitution, Lagos has become an oil producing state.
“By the virtue of this achievement, the 13 per cent derivation that is due to oil producing states, Lagos will start to partake from it by your very good gesture. So, we officially declare Lagos State an oil producing state.
“We also notify the Federal Government by this action that we would be sharing out of the 13 per cent derivation.
“All we need do is to apply and then we join.”