Nigeria Gains $10bn FDI, NLNG Selects Train-7 Project Contractor Saipem, Daewoo, Chiyoda to build $7bn plant Chineme Okafor in Abuja Up to $10 billion worth of foreign direct investment (FDI) is expected to flow into Nigeria in the next five years from the decision of the Nigerian
Liquefied Natural Gas (NLNG) Limited to finally go ahead with the expansion of its LNG capacity by an additional eight metric tonnes per annum (MTPA), the company said yesterday.
NLNG is owned by four shareholders: the federal government, represented by the Nigerian National Petroleum Corporation (NNPC) with 49 per cent interest; Shell Gas B.V, which
has 25.6 per cent; Total Gaz Electricite Holdings France with 15 per cent and Eni International N.A. N. V. S.àr. l - 10.4 per cent. The Shell-run NLNG said in Abuja yesterday that it
had selected a consortium comprising Italian firm, Saipem; South Korean Daewoo Engineering and Japanese Chiyoda to build its $7 billion Train-7 LNG expansion plant. The company added that an
additional $3 billion worth of investment would be spent on upstream gas development to meet the expected demands of the new capacity. Continued on page 6
Analysts: Major Airports' Concession Could Yield N45bn Annually... Page 8 Thursday 12 September, 2019 Vol 24. No 8921. Price: N250
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S’Africa Goes Tough, Allows Airlift of only 187 Nigerians... Pages 9
In Victory, Buhari Extends Hand of Fellowship to Opposition Atiku, PDP Head to S’Court Oshiomhole: It’s win-win situation
Iyobosa Uwugiaren, Chuks Okocha, Omololu Ogunmade, Alex Enumah, Adedayo Akinwale in Abuja
President Muhammadu Buhari exhibited the stuff of a statesman yesterday as he extended hand of fellowship to the opposition moments after the Presidential Election Petition Tribunal (PEPT) upheld his February 23, 2019 victory at the poll. The five-man tribunal,
chaired by Justice Mohammed Garba, in a unanimous judgment that lasted over nine hours, had thrown out a petition filed by the candidate of the Peoples Democratic Party (PDP), Alhaji Atiku Abubakar, and his party, challenging Buhari’s declaration as winner of the election. It said the petition lacked merit and accordingly upheld Continued on page 6
FEC Approves N10.07tn 2020 Budget Proposal, Increases VAT to 7.2% Omololu Ogunmade in Abuja
The Minister of Finance, Mrs. Zainab Ahmed, yesterday said the Federal Executive Council (FEC) has approved N10.07 trillion as the budget for 2020. The minister also said the council approved the increase of value added tax (VAT) from the current 5 percent to 7.2 per cent. However, she was quick to add that implementation of the new VAT rate would
be subject to amendment of the extant VAT law. Briefing reporters at the end of the first FEC meeting since the swearing in of new ministers, Ahmed said the estimate was contained in 2020-2022 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) presented to the council by her ministry. Continued on page 6
HOME SWEET HOME... Some of the 187 Nigerians evacuated from South Africa on arrival at Murtala Muhammed International Airport, Ikeja, Lagos… yesterday kola alli
Governors Reject Calls to Scrap Security Votes... Page 10