Reps probe ‘mismanagement’ of $22bn LNG project set up under Obasanjo


Reps probe ‘mismanagement’ of $22bn LNG project set up under Obasanjo
The house of representatives on Thursday resolved to probe the Nigerian National Petroleum Corporation (NNPC) over the implementation of the Brass Liquefied Natural Gas project.
The resolution was sequel to a motion raised by Kingsley Chinda, a lawmaker from Rivers state, on the need to investigate the alleged mismanagement of $22 billion meant for take-off and running of the project.
The gas project was originally set up in 2003 under the administration of former president Olusegun Obasanjo.
The NNPC was to own 49 percent while Conoco Phillips, Italian oil giant Eni and Chevron held 17 percent each.
“The project has been stuck in the planning stages for more than a decade, with some western partners having pulled out because of tough operating conditions and an unfavourable investment environment,” he said.
“What should be noted is the fact that the federal government’s investment in the Brass LNG project is too enormous to be treated with kid gloves, swept under the carpet or simply put aside with a wave of the hand.”
He recalled that a similar matter had been raised at the senate but “nothing happened thereafter”.
“If not urgently investigated, the essence of the fight against corruption would be defeated and the Nigerian economy and indeed teeming Nigerian masses would be worse for it,” he said.
The house adopted the motion and thereafter set up an ad-hoc committee to investigate the expenditure and implementation of the project.
The committee is to report back to the lawmakers after six weeks.