PENGASSAN Hails Law­mak­ers’ De­ci­sion on NLNG’s Sale

THISDAY - - NEWS - Ugo Ali­ogo

The Petroleum and Nat­u­ral Gas Se­nior Staff As­so­ci­a­tion of Nige­ria (PENGASSAN) has com­mended the House of Rep­re­sen­ta­tives’ de­ci­sion to cau­tion the fed­eral gov­ern­ment to sus­pend the proposed sale of its shares in Nige­rian Liq­ue­fied Nat­u­ral Gas (NLNG).

Re­act­ing to the call by the House of Rep­re­sen­ta­tives on the ur­gent need to stop the sale of the gas com­pany, PENGAS- SAN Na­tional Pub­lic Re­la­tions Of­fi­cer, Com­rade For­tune Obi, said in a state­ment that this is in tan­dem with oil work­ers’ po­si­tion on the need for the gov­ern­ment to re­tain its shares’ own­er­ship in the com­pany.

He also stated that the NLNG model has been the best op­tion so far and should be repli­cated in other gov­ern­ment failed ven­tures such as re­finer­ies and oth­ers.

Obi, who re­it­er­ated the mo­tion of House of Rep­re­senta- tives, stated that the NLNG is one of the most suc­cess­ful ven­tures that Nige­ria has had, adding that the in­ter­na­tional com­mu­nity would per­ceive the Nige­ria as a coun­try that is in­con­sis­tent in pol­icy and would not take its de­sire for foreign in­vest­ments se­ri­ously.

He noted that the losses that would ac­crue from the sales of the NLNG far out­weighed its gains, as rather than sell­ing the as­set, there are other op­tions the gov­ern­ment may adopt to re­sus­ci­tate the econ­omy.

The PENGASSAN spokesper­son said that about 18,000 jobs in the sec­tor would be af­fected if the proposed plan is car­ried out, stat­ing that gov­ern­ment should explore other op­tions to fund the econ­omy rather than sell­ing a vi­able com­pany like NLNG which div­i­dends was used to kick start and fi­nance the econ­omy when Nige­ria was in re­ces­sion.

“NLNG has bailed out Nige­ria when the coun­try was in re­ces­sion as pro­ceeds from its div­i­dends were used to fi­nance the econ­omy. Those in­vestors who were clam­our­ing for the FG to sale her shares in NLNG should find an­other means of in­ject­ing their re­sources into the econ­omy in­stead of buy­ing a suc­cess­ful com­pany. In the al­ter­na­tive, they should set up their own LNG project and help the coun­try in util­is­ing its large gas re­serves as well as erad­i­cat­ing gas flar­ing in the coun­try,” he said.

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