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, 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 per cent of which the Federal Government owns.
The NLNG boss, 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, 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.
He emphasised 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.
In another development, the Central Bank of Nigeria (CBN) has recorded a net income of N123 billion in its 2015 operations, against N33.6 billion achieved during the corresponding period in 2014.
The consolidated and separate financial statement obtained by The Guardian yesterday showed that a net income of N123 was posted during the year under review while the bank recorded N108.5 billion profit.
Meanwhile, crude oil prices continued on a rising note yesterday with the Brent benchmark rising to $47.80 a barrel and West Texas Intermediate now $45.79 per barrel.
The rising prices almost took industry operators by surprise while reports showed that the Organisation of Petroleum Exporting Countries (OPEC) may foreclose the earlier production cut deal, as some of the governors believed that the price presently is at a “comfortable level”.
Source: Guardian
