Bonny Island benefitted $30 billion in gas investments, NLNG boss reveals

Managing Director of the Nigerian Liquefied Natural Gas (NLNG) Company, Tony Attah, has disclosed the total amount of money spent on the development of gas plants and other infrastructures in Bonny Island, Rivers State.

Attah made this statement during the company’s 20 years of operation in Bonny Island and 30 years of incorporation where he noted that the area benefitted the sum of $30 billion (N10.8 trillion) in gas projects alone.

The Details: Explaining how the money was utilized, Attah revealed that the bulk sum was used to build gas plants knowns as Train 1, 2, 3,4, 5 and 6 as well as the ongoing construction of another Train 7 project.

“NLNG’s combined scale of investment in Bonny Kingdom is more than 30 billion dollars in assets, making it the most developed community in the Niger Delta. Our several accomplishments in the kingdom ranged from our provision of modern road network, potable water and Finima Nature Park to residents of Bonny.

Also, we invested in electricity that perhaps has made Bonny the only community in Nigeria with 99 per cent electricity and preferred investors and tourist destination,” Attah stated.

More Developments: Reeling out the several developments of the gas company, Attah divulged that the company recently completed the construction of an airstrip with the potential of becoming one of the largest airstrip in Africa. He added that it also provided N60.3 billion counterpart funding for the construction of N120.6 billion 34 kilometre Bonny-Bodo road project connecting Bonny Island to the rest of the country.

The ongoing road project, which we are co-sponsored by the Federal Government, is expected to be completed within 48 months, thus triggering development and tourism in the area.

We have also launched the malaria elimination initiative as well as the Bonny Community Health Insurance Programme in conjunction with Rivers State Government to provide affordable healthcare for the people,” he added.

A Nairametric report revealed the Gas company decison to raise the sum of $2 billion from commercial banks to finance its Train 7 gas project of $10 billion. The fund was expected to comprise of debt and equity with Guaranty Trust and Sumitomo Mitsui Banking Corporation playing the role of financial advisers. The project was also estimated to cost $7 billion in construction and an extra $3 billion for the installation of gas pipelines and equipment.

Source: Nairametrics

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