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The federal
government has set up a sub-committee to streamline and report on the
status of the Lekki Freezone Methanol Project, with a view to making it
more explicit, and to outline those areas needing immediate action for
implementation.

Vice president,
Namadi Sambo, stated this while meeting with a committee set up by the
federal executive council to look into the methanol project.

The VP noted the
need for a complete synchronisation and review of all contractual
claims including those of engineering and electro-mechanical works.

He charged the
Ministries of Finance and Justice to provide “detailed financial
commitment of government, and examine the existing legal agreement,”
with a view to bringing up a clear view of the project.

The committee,
which is to be chaired by the executive secretary of the Nigerian
Investment Promotion Council (NIPC), Mr. Mustapha Bello, an engineer,
is expected to submit its report within three weeks.

The vice president
emphasised the need for a consultant to effectively supervise the
project and harped on the need to prioritise on “our economic issues
with a view to resolving them accordingly.”

He also enjoined
the committee to critically look at the concept, cost, and location in
terms of raw materials supply for the project. He directed that the
Ministry of Petroleum Resources should be the client ministry.

Earlier, the
meeting examined the directives of the Federal Executive Council, as
regards the need to proffer recommendations on the methanol project.
Mr. Mustapha briefed the committee on the concept and progress of the
project.

He said the project
was conceptualised on a debt conversation strategy and that the
promoters were to buy the Federal Government debt and use it to develop
the project. The concessions unavailable were in terms of loans and
grants but subsequently, government exited from the debt conversation
strategy and no money was appropriated for the project.

The account was maintained by the Central Bank of Nigeria.

He urged that the project should not be dragged backwards as a result of the issues observed.

In attendance at the meeting were the Attorney General and Minister
of Justice, Mohammed Adoke, SAN, the Minister of National Planning,
Shamsuddeen Usman, and the Minister of State, Finance and Commerce,
amongst others.