NLNG decries proposed agenda to repeal enabling Act

The Nigeria Liquefied Natural Gas Limited (NLNG) has decried efforts by the legislature to repeal its enabling Act.

  Managing Director of NLNG, Mr Tony Attah, who led management team of the company on a courtesy visit to the Minister of Information and Culture, Alhaji Lai Mohammed in Abuja on Monday described the Act as the foundation of the company as an entity.

  Attah said: “I can say without contradiction that they have taken steps to repeal the Act which enables investments into the company and takes more than 30 years to come into fruition”.

 He added: “There are guarantees and assurances which are given within the Act which are expected to be sacrosanct.

 “We see the attempt by the legislature to repeal this Act as something that will be very detrimental to the company and more importantly, to the country.

 “First and foremost, we think we will, as a country, be faced with litigations which is a risk and which will put our reputation negatively in the investment world.

 “We also see potential capital flight worth billions of dollar and a loss of more than 18,000 jobs both in the upstream and other side of the business,’’ said Attah.

 He urged the minister to use his office to wade into the matter to forestall all the disadvantages it would pose to the nation.

  Responding the Minister said repeal of the Enabling Act of NLNG will curtail foreign investment into the country.

 He said: “It is very sad for me to hear that attempt is being made to stop the operations of the NLNG.
“It will mean that we are not only killing the goose that lay the golden eggs, but we will be sending a negative signal to the investing world.

 “One thing investors like most is predictability. When we keep changing the goal posts, we are not going to attract investors.

 “We should not think that what we are doing will affect only the NLNG, because big investors are in the same pool and they are so interconnected.

 “If you take a decision that will affect anyone of them, it will have multiplier effect on others,’’ said  Mohammed.

  The Minister described the National Assembly as a patriotic organ, adding “I am sure we have a very patriotic National Assembly and I have full confidence that they will not do anything knowingly that will lead to capital flight or mass disinvestment in Nigeria’’.

 He advised the management of NLNG to approach the leadership of the national assembly and the Federal Executive Council as well as embark on serious advocacy on the issue.

 Photo Caption: The Minister of Information and Culture, Alhaji Lai Mohammed, the Permanent Secretary of the Ministry, Mrs. Ayo Adesugba, the Managing Director of the Nigeria Liquefied Natural Gas Limited, Mr. Tony Attah,
some directors of the Ministry and management staff of the NLNG when the NLNG paid a courtesy visit to the Minister in Abuja on Monday.