NSML achieves 83 per cent ‘Nigerianisation’ target

The Nigeria Liquefied Natural Gas (NLNG) has stated that its subsidiary, the NLNG Ship Management Limited (NSML) has achieved 83 percent of its Nigerianisation target and that it is on course to meet the 100 percent Nigerianisation target by 2022. This is even as it stated that its total assets and earnings have surpassed the assets and earnings of the over 169 companies listed on the 59-year old Nigerian Stock Exchange (NSE).

Disclosing this during a media parley held in Lagos recently, the General Manager, External Relations of the Nigeria Liquefied Natural Gas (NLNG), Mrs Eyono Fatayi-Williams revealed that as of December, 2019, NSML had in its employment 661 competent and professional Nigerian employees, out of which 297 are officers, 329 are Ratings and 35 are shore-based personnel.

According to Mrs Fatayi-Williams, “the NLNG has two subsidiaries, Bonny Gas Transport Limited (BGT) and NSML. NLNG has 23 vessels in its fleet, 13 of which are owned by its subsidiary BGT.

“NSML, initially set up as a manning outfit in 2010, metamorphosed into an international maritime services company, providing the following world-class maritime services namely: vessel management, crew management and administration, terminal management and maritime training, projects and consultancy.”

On contributions to the economy, she stated that NLNG has generated significant revenue for Nigeria, and also contributed to the reduction in environmental hazards arising from gas flaring.

In her words, “NLNG has converted about 191.5bcm (billion standard cubic metres) or 6.8Tcf (trillion cubic feet(of Associated Gas (AG) as Liquefied Natural Gas (LNG) and Natural Gas Liquids (NGLs), thus reducing gas flaring by upstream companies from over 60 percent when it commenced operations to less than 20 percent currently.

“In real terms, NLNG assets and accumulative earnings have surpassed the assets and earnings of the over 169 companies listed on the 59-year old Nigerian Stock Exchange (NSE). It has also exceeded the benchmark set for Fortune 500 companies.”

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