Senate Receives US$30M Fouani Brothers Investment Incentive Agreement

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NEC Chairperson, Davidetta Browne Lansanah

–As Senate C’ttee recommends Davidetta Browne-Lansanah’s confirmation at helm of NEC

The Liberian Senate yesterday received from President George Manneh Weah an investment incentive agreement for the construction and operation of a crude oil palm refinery in Liberia for consideration and passage.

According to the President’s communication, dated July 6, 2020, he intimated that the agreement is in pursuant to Section 6e of the Economic Empowerment Tax Amendment Act of 2016.

“Honorable President Pro Tempore, this crude oil palm refinery will be an investment of approximately US$30 million, and will add value to crude oil palm produced in Liberia; specifically, the refinery will produce refined edible vegetable oil, margarine, and other processed food products, gasoline and soap noodles, all of which are now imported and thereby save the country much needed foreign exchange used to import these materials,” President Weah noted.

Additionally, President Weah said the refinery will have the capability to produce enough of these materials for export to Mano River Union countries and other neighboring countries.

“It is in consideration of the above, and relying on Section 6e of the Economic Empowerment Tax Amendment Act of 2016, which amended the revenue code of 2011, and repealed the economic stimulus Act of 2016, that this investment incentive agreement was negotiated and concluded… accordingly, I hereby request that the instrument be approved by the honorable Liberian Senate, as an integral part of the ratification process by the Legislature as is required by law,”President Weah concluded.

The communication was sent to the Senate committee on Investment to report to plenary on Friday.

In another development, the Senate committee on Autonomous Commission and Agencies, yesterday recommended that Madam Davidetta Browne-Lansanah be confirmed for the post of Chair of the National Elections Commission.

In its recommendations, the committee said,” with no reservation recommends that the nominee, Honorable Davidetta Browne-Lansanah chair-designate, National Elections Commission be confirmed by plenary of the Liberian Senate. A motion was appropriately proffered for plenary decision in executive session.

Madam Browne-Lansanah acted as chair, after the tenured term of Cllr Jerome Korkorya expired in March, and after President Weah embarrassingly withdrew the nomination of Cllr Ndubushi Nwabudike, for failing during confirmation hearing to prove his claim of Liberian citizenship.

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