NLNG sets aside N60 billion for Bonny’s first ever road project

Posted by News Express | 12 April 2016 | 3,547 times

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The Nigerian Liquefied Natural Gas (NLNG) Limited has set aside the sum of N60 billion as its contribution towards building the first ever road to link its host community, Bonny Island in Rivers State.

The Managing Director, Mr. Babs Omotowa, disclosed this today in Lagos during the Public Presentation of Facts and Figures on Nigeria LNG Limited (NLNG) 2016.

He explained that the project would cost N120 million and that balance of N60 billion would come from the Nigerian Government.

“We are partnering with government to build a road linking Bonny with the mainland so that the people can live a decent life and prices can come down. We have put down 50% of the cost and we are waiting for government to be ready with its part,” Mr. Omotowa said.

He highlighted the huge positive impact which the NLNG is making on Bonny, including partnering with other stakeholders to provide amenities on the island and the provision of 24-hour power supply to Bonny since 1999 – free to small users but at a modest cost to industrial users. He also disclosed that the stakeholders, using the Bonny Utility Company as a vehicle, have drawn up the Bonny Masterplan designed to transform Bonny Kingdom into a world-class 21st century city over a 25-year period. The NLNG Managing Director disclosed that an MoU has already been signed with Bonny Kingdom in this regard.

On the core business of NLNG, Mr. Omotowa stressed that the company is a pride and an inspiration to the country which is impacting significantly on the country in diverse ways, including contributing 14% of the national budget. “We have showed that it is possible to run a world-class company in Nigeria,” he said.

He defended the 10-year tax holiday given to NLNG when it began operations in 1999, explaining that the country has reaped bountifully from it. “It helped us to build four additional trains,” he said of the company that was initially designed to have two trains. “We paid no dividend for the initial five years but ploughed back everything we made. Without the tax incentive, we wouldn’t have built four additional trains and we wouldn’t have generated the value we are generating today,” he added.

The NLNG Managing Director acknowledged the subsisting operational challenges, among them the global decline in crude oil price that inevitably rubs off on companies such as the NLNG but assured that the management is on top of the situation. “We are working hard to find new markets, increase production, increase efficiency and cut costs,” he stated.

In his remarks, NLNG Manager, External Relations, Kudo Eresia-Eke, Ph.D, noted that everything about the company is about the good of Nigeria. “It is all about Nigeria,” said Eresia-Eke, who stressed that 95% of staff the NLNG are Nigerians while the management is 100% Nigerian. “We take Nigeria to heart in everything we do,” he said.

•Photo shows NLNG MD Babs Omotowa.

Source: News Express

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