Proposed NLNG Act amendment threatening investors – NNPC boss

The Nigerian National Petroleum Corporation (NNPC) has joined stakeholders in expressing concern over the plan by the House of Representatives to amend the Nigerian Liquefied Natural Gas (NLNG) Act.

Managing director of the NLNG Tony Attah and workers in the oil sector are among industry stakeholders who have recently kicked against the proposed amendment which they said will result in immediate loss of investor confidence.

The Group Managing Director of the NNPC, Dr. Maikanti Baru, while speaking on the “Good Morning Nigeria” show on the Nigerian Television Authority (NTA) yesterday in Abuja, said the move by the lawmakers was “very disturbing and is sending wrong signals to investors about how business is done in the country.”

“It becomes a concern because you need to sit down (as per the provisions of NLNG Act) with the home countries, the investors and our home government and NNPC if you want to review any of those terms. Not to go and do it on the floor of the House,” Baru said.

He said to get the extra incentives for other natural gas projects like the Brass LNG could become, “very difficult with the kind of attitude being shown to investors by the review of the NLNG Act.”

The program which also featured former GMD of the NNPC, Dr. Jackson Gaius Obaseki was centred on, ‘Nigeria Lingering LNG Projects’ and monitored by our reporter.

While appealing to the National Assembly to pass the Petroleum Industry Bill (PIB) into law to dispel the air of uncertainty around the industry and dissuade the oil majors from exiting the country, Baru noted that the long delay in the passage of the PIB had led to uncertainty in the fiscal terms.