Group alleges moves to amend NLNG Act

A non-governmental organisation, the Committee for the Defence of National Interests (CODNI), has alleged moves by federal lawmakers to amend the act establishing the Nigerian Liquefied Natural Gas (NLNG) before the end of this week.

In a statement yesterday in Lagos by its national co-ordinator, Mr. Zach Ezoh, CODNI said it learnt that the National Assembly has perfected plans to hurriedly amend the NLNG Act possibly today to pave the way for the sale of the Federal Government’s shares in the gas outfit.

The group warned the lawmakers not to tamper with the NLNG Act, describing any such move as a miscalculation, which would effectively kill the goose that lays the golden egg for the country’s economy.

“We wish to appeal to the conscience of our lawmakers not to allow this economic tragedy to befall our dear nation. It is said that you do not change a winning strategy. The NLNG as it is presently has proved to be a roaring success. There is, therefore, no cogent reason to tamper with the Act establishing this national cash cow,” the statement said.

CODNI noted that the outfit, which was incorporated after over 30 years of unsuccessful efforts by successive Nigerian administrations to attract foreign investors in the LNG sector has been an outstanding success.

“To amend or change the NLNG Act would portray Nigeria as a promise-breaker and untrustworthy, damaging the country’s reputation and hamstringing its ability to attract foreign investment. It could also mean an immediate loss of foreign investment of $25 billion in respect of Train 7 investment ($15 billion by the upstream and $10 billion for construction),” Ezoh added.