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House to probe expenditure, implementation of Brass LNG Project

The House of Representatives has setup an Ad-hoc Committee to probe the expenditure and implementation of the twenty-two billion dollar Brass Liquefied Natural Gas project that was allegedly mismanaged.

This followed a motion adopted on the urgent need to investigate the implementation of the $22billion Brass Liquefied Natural Gas, LNG project.

Presenting the motion, Mr. Kingsley Ogundu Chinda from Rivers State pointed out that government investment in the Brass LNG project is too enormous to be treated with kid gloves.

Leading debate on the motion, Mr. Chinda said there have been several allegations of abuse and mismanagement of funds totalling about $22bn meant for take off and running of the Brass project.

The Brass LNG project was originally set up in 2003 with the Nigerian National Petroleum Corporation,NNPC owning 49 percent and other affiliates namely, Conoco Phillips, ENI and Chevron holding 17 percent.

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 unfavorable Investment environment.

The lawmaker noted that unless the issue is 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.

Source: Voice of Nigeria