President Bola Ahmed Tinubu has urged the Nigerian Liquefied Natural Gas (NLNG) management to do everything in its power to ensure that Nigeria derives maximum benefits from its gas reserves instead of allowing them to be burned.
The President said this on Wednesday at the House of Representatives where he received members of the Board of NLNG led by its Managing Director and Chief Executive Officer, Engineer Adeleye Falade.
“It inspires me to understand that you are not limiting yourself to the gradual goal of upgrading.
“My main concern is domestic utilization, where you have to be able to eliminate flaring and turn the potential environmental liability into something that could be strategically and economically beneficial to the country’s consumers.
“Yes, you are doing very well in wanting to increase revenue and leverage international interests so that Nigeria can make profits, but help us at home.”
He praised the team for maximizing 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 everything in his power to encourage them to maximize the potential of the organization for the benefit of Nigerians.
“I enjoy the teamwork and the way NLNG is going, and all of you, as team leaders, are adding value to what was the initial goal of the company. If any other incentive is needed to stimulate growth and expand its capacity, I will be willing to do so.
“We look to the future and I think this country has what it takes, but any assets we have in the ground are nothing unless they are designed to serve the economy, the people and achieve a good return on investment.
“I think that is the main focus. But let’s think about the people, about the need to tame some of these energy requirements and pricing mechanisms so that the common man feels it,” the President said.
In his remarks, NLNG Managing Director and Chief Executive Officer, Engineer Adeleye Falade, told the President that the board was in the House of Representatives to brief the President on the operations of the company since he assumed office in April this year.
He said NLNG has generated more than $150 billion since its inception, and shareholders, including Nigeria, have received about $47 billion as dividends. Nigeria has a 49 percent stake in the organization.
The CEO said NLNG was previously operating at about 60 percent of its capacity because the country could not optimally produce crude oil, resulting in the use of only four of the six available trains.
He told the President that for now all production of LPG, commonly known as cooking gas, is concentrated in the domestic market.
However, Engineer Falade informed the President that due to the increase in oil production due to positive developments in the oil and gas sector, the capacity has been increased to five trains and further improvements are expected.
He told the President that NLNG is interested in inaugurating Train Seven which will increase its capacity by 35 per cent and further increase its current capacity, adding that Nigeria LNG has a five per cent share of the global LNG market.
The CEO also told the President that shareholders praised the stability of the country’s fiscal environment, adding that this stability is attracting more investments.
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He praised security agencies and regulators of the oil and gas industry for the stability they enjoy so far.
Engineer Falade also informed President Tinubu that the construction of the NLNG-funded Bonny-Bodo Road and Bridge project has been completed and is awaiting official commissioning.
Other members of the NLNG team include: Deputy Director General, Olakunle Osobu; Managing Director of the Board of Directors of TotalEnergies EP Nigeria Limited and Chairman of TotalEnergies, Mr. Matthieu Bouyer; the Chairman/Vice Chairman/Managing Director of Nigeria Agip Exploration, Mr. Maurizio Pinna; and the General Director of External Relations and Sustainable Development, Sophia Horsfall.
Manager of Government Relations and Regulatory Compliance, Abdul Umar; Head of Government Relations, Tonbrafa Nanaghan; and Senior Government Relations Adviser Rufai Mohammed Lawal were also present.
the Minister of Information and National Guidance, Mohammed Idris; Special Adviser to the President on Information and Strategy, Bayo Onanuga; and Senior Special Assistant to the President for Energy Transition Yasmin Mohammed attended the event.
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