Reps to investigate serial allegations of abuse of Brass LNG’s $22bn running cost
Considering barrage of allegations of misappropriation of $22bn legacy fund to run the operations of Brass Liquefied Natural Gas (LNG) project, the House of Representatives weekend, passed a resolution to investigate the matter.
The decision followed the adoption of a motion on the “urgent need to investigate the implementation of the $22 billion Brass LNG project,” moved by Kingsley Chinda at plenary.
The lawmaker had in his lead argument, noted that there have been several allegations of mismanagement of $22 billion meant for the take off and running of the Brass LNG project.
He further anchored his debate on the fact that unless the issue of allegations is investigated, the essence of the fight against corruption in the country would have been defeated.
Continuing, he stressed that government investment in the Brass LNG was enormous, and as such issues relating to the project should not be treated with levity based on the fact that Nigeria’s economy for now rests heavily on oil and allied earnings.
According to him, “The Brass LNG project was originally set up in 2003 with the Nigerian National Petroleum Corporation (NNPC) owning 49 per cent and other affiliates namely, Conoco Phillips, ENI and Chevron holding 17 per cent.
“The project has been stuck in the planning stages for more than a decade with some Western partners having to pull out because of tough operating conditions and an unfavourable investment environment,” he stated.
The Ad-Hoc Committee is expected to submit report in six weeks for consideration and legislative action.
