FG Earns $33bn From NLNG

The Federal Government has reaped over $33 billion from the Nigeria LNG Limited (NLNG) initial investment of $2.5 billion.

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

He 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 per cent of which the Federal Government owns.

Omotowa, who 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, said this was why NLNG is easily one of the biggest promoters of Corporate Social Responsibility (CSR) in the area, supporting education, infrastructural development and entrepreneurship.

He noted 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.

He stressed that keeping agreements entered into with investors was crucial to retaining and attracting foreign investment into NLNG, as well as other sectors of the economy in line with the drive of the current administration.

RELATED ARTICLESMORE FROM AUTHOR