FG Reaps More Than $33bn From $2.5bn Investment In NLNG

LNG_FINIMA

The Federal Government has made more than $33 billion from an initial investment of $2.5 billion in the Nigeria LNG Limited (NLNG).

Managing Director of the company, Babs Omotowa, disclosed this yesterday in Abuja while briefing the House of Representatives Committee on Gas Resources during a public hearing on a bill to amend the NLNG Act.

Omotowa said that the Act enabled the company to grow from its original 2-Trains to 6-Trains, creating an asset base of $19 billion, 49 percent of which the Federal Government owns.

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The NLNG boss restated the company’s commitment to the development of the Niger Delta and willingness to partner with government agencies, including the Niger Delta Development Commission (NDDC), to develop the region. He said this was why the NLNG is easily one of the biggest promoters of Corporate Social Responsibility (CSR) in the area, supporting education, infrastructure development and entrepreneurship.

He stated that the NLNG needs to be in the position to continue to support the region through being a successful Nigerian company, bringing value to the Niger Delta and the nation in general, but that this would only be possible if the promises made to investors are not broken by amending the NLNG Act, which would certainly portray the country as one that does not honour agreements.

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