We attracted $800m investment in 9 months — PCNGi

The Presidential Compressed Natural Gas Initiative (PCNGi) has disclosed that over $800m investment has been attracted into the CNG programme in the last nine months. The Programme Coordinator/CEO of the initiative, Mr Michael Oluwagbemi stated this on Wednesday during a meeting with the Lagos State Waterways Authority (LASWA) as part of the drive to introduce […]

The Presidential Compressed Natural Gas Initiative (PCNGi) has disclosed that over $800m investment has been attracted into the CNG programme in the last nine months.

The Programme Coordinator/CEO of the initiative, Mr Michael Oluwagbemi stated this on Wednesday during a meeting with the Lagos State Waterways Authority (LASWA) as part of the drive to introduce CNG for boat operation.

He was received by the General Manager of LASWA, Mr. Oluwadamilola Emmanuel among other stakeholders including boat operators at the LASWA yard in Ikoyi Lagos.

Speaking with newsmen, Oluwagbemi said the visit was a necessary step towards deploying CNG in the marine environment.

He disclosed that with over 5m passengers using the waterways daily across the country, that mode of transportation should not be left out.

Addressing recent concerns with the activities of the initiative, the Programme coordinator disclosed that out of $2.5bn investment targeted over a period of three and half years, $800m investment had been attracted into the initiative.

He stated that the initiative would not be distracted by what he called attempts by some individuals to blackmail the programme.

Michael, who insisted that there is no scarcity of CNG, explained that the recent queue at some daughter stations was as a result of the increasing number of people using CNG-powered vehicles.

He added that there are no fewer than 65 stations dispensing CNG to motorists, noting that more stations are in the pipeline in the coming weeks and months.

He said, “A lot of the hues and cries with respect to the implementation of this PCNGi, we know some of them are sponsored and we would not be blackmailed. The long story around the diversion of kits, people that are actually doing it and were caught red-handed, the case is being handled.

“As far as we are concerned at the PCNGi, we are always policing unethical issues and we will go after people diverting government kits, we are going to deal with them.

“Also there is no lack of gas. We have plenty of CNG in Nigeria. What we need is to develop more infrastructures to distribute the CNG. So for us, we have been working very closely with the private sector. The responsibility of the private sector is to invest. It is the responsibility of the government to regulate and provide permits and so these permits are being provided by the NMDPRA. The GACN (Gas Aggregator Company Nigeria Ltd) is providing gas to all of these filling stations.

“NNPC is investing. I think we just need to continue what we are doing. We have gone from just 11 daughter stations last year to 65 working today. Dangote just announced an additional 100. We have 175 already in progress. We saw two additional stations being launched this week in Port Harcourt and Lokoja, so we are making progress.

“We expect up to $2.5bn worth of investment. So far we have gotten an announcement of $800m,that is not a bad job in nine months. Our target is $2.5bn but we have gotten $800 in just nine months and that target is over a period of three and half years. I a m very sure we would exceed that $2.5bn investment. I am sure by this time next year we would have 125 to 150 stations working in Nigeria because everyday new stations are being commissioned…”

He stated that the initiative will work with the LASWA and other stakeholders to deliver a sustainable energy source for those in the waterways.