NLNG kicks against proposed amendment to its establishment Act

The Nigeria Liquefied Natural Gas Limited (NLNG) on Thursday at a public hearing organised by the House of Representatives Committee on Gas Resources opposed the proposed amendment of its Act by the National Assembly, ThisDay reports.

At the public hearing on a bill to amend the NLNG Act, the Managing Director of the company, Mr. Babs Omotowa, was quoted in a statement by the company’s General Manager, External Relations, Dr. Kudo Eresia-Eke, as saying that NLNG needs to be in the position to continue to support the region through being a successful Nigerian company, bringing value to the region and the nation in general, but that this would only be possible if the promises made to investors are not broken by amending the NLNG Act, which would certainly portray the country as one that does not honour agreements.

He emphasised that keeping agreements entered into with investors was crucial to retaining and attracting foreign investment into NLNG as well as other sectors of the economy in line with the drive of the current administration. He remarked that the current amendment effort is most unusual as it attempts to enforce the payment of a levy from which an entity is expressly exempted by a valid and subsisting legislation in which the Federal Government of Nigeria gave unequivocal undertakings and declarations that induced significant investments.

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