Posted on June 28, 2018
The Federal Government is targeting 10 per cent of the world’s market share in traded Liquefied Natural Gas (LNG) as part of its strategic aspirations to derive maximum value fIt is now impossible to re-loot recovered looted funds — FG
The Federal Government says it is now impossible for recovered looted funds to be re-looted, as mechanisms have been put in place to prevent it.
Mrs Ladidi Mohammed, the Director, Asset Recovery and Management Unit, Ministry of Justice, gave the assurance on Wednesday in Abuja, at a citizens’ dialogue on Post-Global Forum on Asset Recovery roadmap and asset recovery in Nigeria.
The dialogue was organised by the Africa Network for Environment and Economic Justice (ANEEJ), a Non-Governmental Organisation.
Mohammed said that re-looting of recovered looted funds was a thing of concern for the nation, adding that doing that would be very difficult under the present administration.
“As I speak, it is very difficult for anyone to re-loot any returned funds because as far as the Attorney-General of the Federation, and the entire government is concerned, there is no way that is going to happen.
“I can tell you that there are different organisations in charge of recoveries, so in the whole system, there is no way that those assets, whether local or international will be re-looted.’’
She also said that the recovered monies would have to be returned to the financial system for appropriation.
Mohammed, however, assured that the expected recovered loots coming in from overseas accounts would be used for projects that would impact the lives of citizens, not as individuals, but as communities and as a nation.
“What I mean by that is that recovered monies are not like generated revenue that goes into the Federation Account or the Consolidated Revenue Fund.
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“The office of the AGF initiated a depository account for both local and international recoveries and those recovered funds go straight to the account which is domiciled at the Central Bank of Nigeria.
“It is a depository account that has no signatory and cannot be touched until it is appropriated, it is a constitutional and international issue.
“The AGF has put up every mechanism to prevent re-looting, so I assure you that there is no fear that these recovered funds will be looted and the monies will be used for the good of Nigerians.’’
Mohammed said negotiation had began for the repatriation of the remaining Abacha loot, adding that provision had been made for Civil Society Organisation’s involvement, particularly with management of the funds.
“We also know that we have some cases all over the world for recovery and this is being coordinated by the AGF and I am pleased to say that some CSOs are monitoring these cases and we are very proud of you.
“We do not see CSOs as adversaries but as formidable allies and the AGF is committed to collaborating with you,’’ she added.
The Executive Director, ANEEJ, Rev. David Ugolor, said there was an obvious need for the establishment of institutions and mechanisms both at the international and national levels to enhance transparency and accountability in recovery of looted funds.
He said this would ensure that looted funds were utilised in a judicious manner that benefits the ultimate victims of corruption
rom the country’s abundant natural gas resources.
The Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, who spoke yesterday while addressing the 27th World Gas Conference (WGC) in Washington DC, United States, said the country is focused on starting and sustaining gas supply to support a rapid growth in power generation and re-position the country as the regional hub for gas-based industries.
Speaking during a panel session on: The Role of Gas in Power Generation, Baru reeled out the enormous potential of Nigeria’s gas resources and its huge contributions to the nation’s economy.
“We are focused on jumpstarting and sustaining gas supply to support a rapid growth in power generation, re-positioning Nigeria as the regional hub for gas-based industries such as fertilizer, petrochemicals, methanol, Liquefied Petroleum Gas (LPG), as well as leveraging our enormous reserves position to strengthen our footprints in high value gas export through LNG and regional gas pipelines,” Baru told delegates at the triennial gas gathering which had Fuelling the Future as theme.
Baru said with emerging gas markets and the need to generate more power across sub-Saharan Africa, there abound an unprecedented investment opportunity in the gas sector for the country.
According to the GMD, Nigeria was focused on expanding its existing 22 million metric tonnes per annum (MTPA) Nigerian LNG plant with additional 8MTPA from its proposed Train 7, a development that will significantly increase global power generation capacity.
He further noted that towards achieving these gas aspirations, the Federal Government recently approved a three-pronged reform in the gas sector which included domestic gas supply obligation, gas pricing policy and regulation as well as gas infrastructure blueprint.
Baru said the country has completed and commissioned about 600km of new gas pipelines, thereby connecting all existing power plants to permanent gas supply pipelines.
“We have also kicked off the 614km Ajaokuta-Kaduna-Kano (AKK) pipeline project which, on completion, will deliver gas along these areas, thereby generating additional 3600MW to the national grid,” he stated.
On the planned Nigeria-Morocco Gas Pipeline Project, Baru stated that the project would foster regional economic integration, reduce desertification, as well as enable accelerated regional electrification.
“It will contribute significantly to the overall economic development of the region through the emergence of a wide range of industrial clusters around petrochemical, manufacturing, agro-business and fertilizers among others,” he stated.
He observed that currently, government was completing the construction of the strategic Obiafo/Obirikon-Oben (OB 3) (East-West) interconnection pipeline and doubling the capacity of the existing Escravos to Lagos Pipeline (Western Pipeline System).
He said the Federal Government had intervened to drastically reduce gas flare from 25 per cent down to 10 per cent, even as it had stepped up efforts to stimulate gas utilisation and monetisation.
Baru, who described gas as the fast evolving preferred fuel for power generation, added that as an economic energy source, natural gas has transformed the economies of several nations.
He said Nigeria’s gas resource base was significant, as its estimated 199TCF has the potential of up to 600TCF in undiscovered resources, a tremendous opportunity to compete favourably with its peers.
At the session, panelists also discussed the changing dynamics of global gas market, especially in the wake of the increased international demand and supplies, the huge potentials for gas-to-power initiatives as well as the impact of renewables on the gas sectorThe WGC is the most important global gas industry gathering of influential leaders, policy-makers, buyers, sellers and experts on gas.
Organised since 1931 by the International Gas Union (IGU), the triennial event aims to raise the profile of natural gas, while offering timely updates on strategic, commercial and technical issues facing the entire gas value-chain.