Friday 19 August 2016

NIGERIA MAY LOSE OVER $25B TO NLNG ACT AMENDMENT

Treasurer, MAN Gas Group, Rev. Martins Olaomoju (left); Ex. Officio, Prince Felix Oba Okojie; Chairman, Dr Micheal Ola Adebayo; and Acting Director-General MAN, Segun Ajayi-Kadir at a press conference to decry the increase in the price of Natural Gas to manufacturers, in Lagos. The Nigeria Liquefied Natural Gas (NLNG) has warned that any move to tinker with the 2004 Act would violate bilateral agreements with international investors as well as cost the country a whooping $25 billion in Foreign Direct Investment (FDI) and fines running in billions at the International Courts.

The outgoing Managing Director and Chief Executive Officer of NLNG, Babs Omotowa, said this in Lagos yesterday at the National Association of Energy Correspondents (NAEC) Annual Conference.

Read more @ The Guardian

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