President Bola Ahmed Tinubu has tasked the management of Nigeria LNG with maximising the country’s gas reserves and curbing gas flaring for more national benefit.
The President gave the charge on Wednesday at the State House while receiving members of the NLNG Board, led by its Managing Director and Chief Executive Officer, Adeleye Falade.
“I am inspired to understand that you are not limiting yourself to the gradual objective of upgrading.
“My major concern is the domestic utilisation, where you must be able to take out the flaring and convert potential environmental liability to what could be strategically and economically beneficial to the consumers in the country.
“Yes, you are doing great to really want the revenue up and taking advantage of international interests so that Nigeria might be deriving benefits, but help us back home,” the President stated.
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The President in a statement issued by his Spokesperson, Mr Bayo Onanuga, commended the team for maximising and increasing the organisation’s capacity, adding that the company was ensuring a good return on investment.
President Tinubu assured the team that he would do all within his power to incentivise them to maximise the organisation’s potential for Nigerians’ benefit.
“I enjoy the teamwork and the way the NLNG is going, and you all, as team leaders, are giving value to what was the initial objective of the company. If any other incentive is needed to stimulate growth and expand your capacity, I will be willing to do that.
“We look straight far into the future, and I believe that this country has what it takes; but whatever asset that we have in the ground is nothing unless it’s brought up to serve the economy, the people, and realisation of a good return on investment.
“I think that is the primary focus. But think of people, the need for domestication of some of these energy requirements and pricing mechanisms so that the ordinary man will feel it,” the President said.
In his remarks, the Managing Director and Chief Executive Officer of NLNG, Adeleye Falade, told the President that the board was at the State House to brief him on the company’s operations since assuming office in April this year.
Falade said NLNG has generated over $150 billion since inception, with shareholders, including Nigeria, receiving about $47 billion as dividends. Nigeria has a 49 percent stake in the organisation.
The Managing Director clarified that NLNG was earlier operating at about 60 percent capacity because the country could not produce crude optimally, resulting in the use of only four of the six available trains.
He told the President that for now, all LPG production, commonly known as cooking gas, is concentrated on the domestic market.
Falade, further informed the President that, due to increased oil production from positive developments in the oil and gas sector, capacity has been increased to five trains, with more improvements expected.
He told the President that NLNG is keen to inaugurate Train Seven, which will boost its capacity by 35 percent and further increase its current capacity, adding that Nigeria LNG has a five percent share of the global LNG market.
In addition, the Managing Director also told the President that the shareholders eulogised the stability in the country’s fiscal environment, adding that the stability is attracting more investment.
He lauded the security agencies and the regulators in the oil and gas industry for the stability enjoyed so far.
Falade also informed President Tinubu that the construction of the Bonny-Bodo Road and Bridge project, financed by the NLNG, has been completed and is awaiting official commissioning.
Other members of the NLNG team include: the Deputy Managing Director, Olakunle Osobu; Board Director / MD TotalEnergies EP Nigeria Limited & Country Chair TotalEnergies, Mr Matthieu Bouyer; Board Director/Vice Chairman/ Managing Director, Nigeria Agip Exploration, Mr Maurizio Pinna; and General Manager, External Relations & Sustainable Development, Sophia Horsfall.
The Manager, Government Relations and Regulatory Compliance, Abdul Umar; Head, Government Relations, Tonbrafa Nanaghan; and Senior Government Relations Advisor, Rufai Mohammed Lawal were also present.
Minister of Information and National Orientation Mohammed Idris, Special Adviser to the President on Information & Strategy Bayo Onanuga, and Senior Special Assistant to the President on Energy Transition Yasmin Mohammed also attended the meeting.
