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FG to flood domestic market with gas , Ajumogobia

By Oscarline Onwuemenyi
ABUJA – The former Minister of State for Petroleum, Mr. Odein Ajumogobia, has assured Nigerians of adequate gas supply for domestic use as efforts are intensified to get Brass NLG and other gas plants in the country on stream.

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Ajumobia gave the assurance was given at the public presentation of BGL Research and Intelligence publications on Friday, in Abuja .

The former Minister, who launched the BGL Financial Monitor: Gas Master Plan… Nigeria ’s Potential as a Regional Power Hub Stymied, reiterated government’s determination to ensure availability and affordability of natural gas for domestic use.

According to him, the present administration has invested in both infrastructural and framework platforms for a successful take off of the nation’s gas plants.

“Of particular importance is the Brass LNG project in which we have invested so much in infrastructural facilities to make gas move readily available, not only for export, but for domestic consumption,” he stated.

He disclosed that the Federal Government was committed more than ever before, to the timely completion of the project to better serve the generality of Nigerians as well as serve as a rich source of revenue for the country.

Ajumogobia also pointed out that a series of consultations are on_going between the Federal Government and the joint venture partners in the Brass NLG project with a view to bringing the project to a point where it can increase the domestic supply of gas in Nigeria .

The Group Managing Director/CEO, BGL Plc, Mr. Albert Okumagba, in a brief synopsis of the reports, explained that at BGL, investment banking research underlies all aspects of our business.

“The quality, accuracy, precision and timeliness of our research are paramount and also play a vital role to our ability to effectively service our institutional and corporate clients,” he said.

He added that, “Our strengths, capability and core competences are in the areas of economic research, sectoral analysis as well as equities and fixed income research.

Okumagba, however, disclosed that the company’s desire to continually strive to provide extensive and innovative research with a balanced approach to both country and sectors, noting that, “As well as our intent to identify and analyze government policies, financial information, strategic issues and trends that affect companies, industries, sectors, and markets on a regional and global scale has formed the premise and basis of this publication launch.”

He said the BGL banking report underlines and highlights a number of ideas that have been proposed to getting banks to lend again, which is crucial to our economic growth, stressing that also presented in the report is comprehensive analysis of 24 banks, in addition to regulatory interventions that had occurred in other parts of the world including USA, UK, EU and China.

Further to the desire to keep its stakeholders abreast with economic and sectoral happenings, he said BGL intends to publish the reports on an annual basis. Going forward, he said “We also intend to produce and publicize additional sectoral reports including;

The BGL Infrastructural Report, BGL Energy Report (Oil, Gas and Power) BGL Telecommunications Report, BGL Governance Report and a host of others.” The Chairman of the Nigerian Economic Summit Group who chaired the occasion, Mazi Sam Ohuabunwa, noted that it was high time Nigerians began to rise up and contribute their meaningful quota towards the development of the nation’s economy.

Ohuabunwa who is a member of the recently inaugurated Presidential Advisory Council commended the management of the nation’s leading investment banking institution, BGL Plc for the public presentation of its publications; BGL Financial Monitor: Gas Master Plan_Nigeria’s potential as a Regional Power Hub stymied; BGL Agriculture Report:

Bringing ‘Cool” Back to Agriculture; BGL Banking Report; Getting banks to lend again; BGL Insurance Report; Promise Kept or Promise Deferred; and BGL Pension Report; Situating Nigeria in the Global Pension Industry.

He noted that such intellectual property would go a long way in helping Nigerians take sound investment decisions, stressing the importance of wise investment decisions based on availability of adequate information at the disposal of the investor.

The Minister of Finance, Mansur Muhtar, who launched the BGL Banking Report; Getting banks to lend again, commended the ingenuity of the management of BGL in producing the five reports to promote intellectual discourse and even debate as an essential platform for the new paradigm of investment banking, banking, finance and economics in Nigeria.

According to the finance minister, the publications would provide fresh perspective and insight for the private sector and also make governance more transparent.

He noted that the excruciating reform in the banking sector is a prize to be paid for the nation to attain economic stability through a sound banking system. He however, disclosed that government’s searchlight would soon beam towards the nation’s insurance sector to bring sanity to the industry in a manner similar to what is happening now in the banking sector.

Muhtar also noted the huge pool of resources in the insurance sector which he said should be protected by government in the interest of the insuring public and the nation’s economy at large. He however, disclosed that the process of sanitizing the insurance sector has already started.

He said the effort in totality would ensure a more investment friendly environment for economic development and growth.


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