According to the Group chief executive officer, NNPC, Mele Kyari, the project will promote and integrate the use of gas domestically and generate power for industries which will eventually lead to economic growth and prosperity for the people, not only in Ogun State but also in Nigeria generally.
Relying on a World Bank loan of $800 million palliative to remove fuel subsidy in less than 60 days would not only have thrown the country into turmoil but would also have rendered the in-coming government of President Bola Ahmed Tinubu incapacitated with economic crisis. Besides, it would have been too early for the administration to start grappling with labour crisis.
Verma who was speaking in Lagos on Thursday, said the major oil company now has four AutoCNG conversion workshops in Edo, Ogun state and Abuja FCT to convert Premium Motor Spirit (PMS) vehicles on AutoCNG.
The company in a statement issued by its board chairman, Mr Basil Omiyi, stated that the company was on March 9, 2023, served with court processes and ex-parte Interim Order of the Hon Justice C. J. Aneke of the Federal High Court, Lagos, Nigeria, restraining the Chief Executive Officer, Mr. Roger Brown from participating in the running of the Company for a period of 7 days.
The Board established the NCI Fund in 2018 with the purpose of financing Oil and Gas companies to increase capacity and grow Nigerian Content in the Industry Presently, the NCI Fund has five product lines which are being managed by the Bank of Industry. They include - Manufacturing Finance -$10m; Asset Acquisition Finance -$10m; Contract Finance -$5m; Loan Refinance -$10m and Community Contractor Finance - N20 million.