Newsexpress place banner advert Yudala genuine products
NLNG cries out over amendment of Act by Reps, says action not in Nigeria’s interest

By News Express on 10/05/2017

Share on facebook Yahoo mail icon Gmail icon

Views: 408

•NLNG MD Tony Attah.
•NLNG MD Tony Attah.

The Nigeria LNG Limited (NLNG) on Tuesday evening cried out over the amendment, earlier in the day, of the passing of a bill for the amendment of the NLNG (Fiscal Incentives, Guarantees and Assurances) Act by the Federal House of Representatives.

It said in a statement signed by Kudo Eresia-Eke, General Manager, External Relations Division: “As we have said previously, including at a public hearing convened by the National Assembly in April 2016, we do not believe that this is in the national interest, as its direct consequence would be to project Nigeria as a sovereign-state promise breaker and an unsuitable destination for investments.

“A statement released by the General Manager, External Relations of the company, said the amendment violates the Assurances and Guarantees granted the investors by the country, and reinforced by successive governments, which paved the way for the huge international investment that enabled the company to become a reality and the success story it is today.

“The main thrust of the Guarantees and Assurances were to assure the foreign investors that their investments would be protected by the non-amendment of the NLNG Act. This is the reason why the NLNG Act has remained intact and protected by all administrations from inception, in recognition of the sanctity thereof.

“Reacting to the news of the said passage of the amendment by the House of Representatives, the Managing Director of Nigeria LNG, Tony Attah, said the proposed amendment can ONLY be a DIRECT ATTACK on the present Government’s EASE OF DOING BUSINESS AGENDA and in the current administration’s determination to attract direct foreign investment to Nigeria. It needs to be clearly stated that INVESTMENTS are unlikely to flow into an environment where contracts and agreements are flagrantly violated as is imminent in this instance.

“By way of background, the Niger Delta Development Commission (NDDC) Act has its origin in the need to address the adverse effects of upstream oil and gas exploration and production activity – specifically oil spills and gas flaring – as well as the development needs of the Niger Delta region.

“For the avoidance of any doubt, NLNG does not prospect for or extract gas from the ground. The Company buys feed stock from its gas suppliers, which it proceeds to clean and cool for sale.  As such, the company is like any manufacturing, petrochemical or refining firm that uses gas as feedstock, and there are quite a number of them in the Niger Delta. We are unaware that any other company is being targeted as NLNG apparently is. NLNG helps to convert and monetise gas for the benefit of the environment, shareholders and other stakeholders including the Government and Nigeria.

“Nevertheless, NLNG has since inception continued to pay applicable taxes, levies and charges to local, state and federal tiers of Government amounting to well over $5.5 billion. This is besides about $15 billion already paid in dividends to the Federal Government through the NNPC.  In addition, we operate a robust corporate social responsibility programme, considered to a model by the rest of the oil and gas industry. The programme has cost about 200 million US dollars to date and extends to areas including business and human capacity development and infrastructure development in our primary areas of operation and across Nigeria. It is instructive that NLNG was operating a Nigeria scholarship scheme even before it exported its first cargo in 1999/2000. More recently, the company has spent 12 million US dollars to donate engineering laboratories and equipment to 6 universities across Nigeria’s geo-political zones, to support science and technology teaching and research. In addition, NLNG currently supplies 40% of the nation’s cooking gas (LPG) while also providing scholarships to Internally Displaced Persons (IDPs) in the North-East of the country.

“This curious amendment initiative represents the first time in the history of legislative practice in Nigeria, when a law is amended for the sole purpose of imposing a levy against a private company for the benefit of an agency of government. The current National Assembly is strongly urged not to inadvertently lend itself to the establishment of such an unjust and potentially damaging precedent. More so when the said agency in this instance had lost its claim in the courts, including the Supreme Court of the land.

“As a private company with the vision to help build a better Nigeria, we are aware that courtesy of the referenced assurances and guarantees as well as the regulations and provisions of the law, shareholders and NLNG have the right to pursue the protection of our business interests as provided for under the same regulations and the law.

NLNG wishes to state that should the need arise it shall seek that protection under the law.”

Source News Express

Posted 10/05/2017 12:00:10 AM

 

Share on facebook Yahoo mail icon Gmail icon


 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

 

You may also like...
Sheathe your swords, NOA tells herdsmen and farmers...

Wike/PDP’s victory celebration shameful —Rivers APC

Gunmen waste Ghanaian beauty in Lagos

Dele Giwa’s murder: IBB WILL FACE JUSTICE —Akinnola...

Brazil 2014 ticket hunt: Omeruo bounces back as...

British Airways slashes Abuja - London fare

Police smashes armed robbery and kidnap gang that...

Workers’ Day: Any dignity in labour in Nigeria?...

Nnamdi Kanu’s trial no longer judicial but political...

Lack of Accountability and Transparency in Imo State:...

Otti will transform Abia as Governor —Obiano; hails...

Over 20,000 rescued from Boko Haram

 

Latest News Divide Nigeria into 12 Regions, 54 States — Middle Belt Leaders NDDC office sealed off over N336m tax debt Trial begins of nurse suspected of killing up to 60 children Nationwide teachers’ strike looms Dickson seeks special attention for Brass LNG project Experts converge on Abuja June 29 to tackle inflation, recession BNYL set to launch Biafra referendum campaign BBOG renews call for the rescue of 113 Chibok girls, 6 Lagos schoolboys Health stakeholders condemn non-inclusion of vaccine procurement in 2017 Budget Respect court ruling on Otodo-Gbame, CEE-HOPE tells Lagos Govt. Rivers sanitation agency announces cleanup exercise for Saturday (June 24), vows to deal with defaulters Lagos offers free legal services to inmates of Ikoyi prisons

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (257,903 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (236,755 views) Shameless Genevieve Nnaji exposes breasts in public (194,405 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (169,300 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (164,382 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (145,729 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (126,368 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (121,067 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (111,364 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (105,057 views) Lagos plane crash: Journalist releases victims’ names (104,899 views) APC cries foul as PDP’s Fayose takes early lead in Ekiti governorship election (97,762 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (27) Business (2,600) Business Verdict (17) Columnists (701) Complaints & Requests (92) Enterprise & Opportunities (157) Entertainment (333) Features (461) Global Business Monitor (154) International (1,425) Interviews (124) Live Commentary (28) Love Matters (59) News (25,729) Opinion (736) Pidgin (8) Politics (3,741) Religion (559) Sports (1,281) Stock Watch (18) AMA & Al Jazeera Global Update

 

CBN words on marble advert

 

 

Thousands of Biafrans gather at Nnamdi Kanu’s father’s palace for address...

 

APO Newsbreak logo

 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement



 

 

CLASSIFIED ADS

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!