NLNG clears air on alleged unremitted $11.6b dividend

Stocks equation. image source aspec-consultancy

Stocks equation. image source aspec-consultancy

The Nigeria Liquefied Natural Gas Limited (NLNG) has made clarifications to absolve itself of the alleged unremitted $11.6 billion (about N2.32 trillion) to the Federation Account.

A statement signed by the General Manager (External Relations), Kudo Eresia-Eke, said NLNG remains responsible to its shareholders and pays dividends to them according to the shareholding structure.

Meanwhile, the company also denied that it was the owner of the Badagry dry dock project, adding that it is “not investing in the building of any dry dock”.

Nigerian Extractive Industries Transparency Initiative (NEITI) had recently alleged that NLNG has not remitted about $11.6billion (N2.32trillion) due as dividend between 2009 and 2012 to the federation account.

Eresia-Eke said: “For the purpose of clarity, NLNG wishes to state that the company is owned by four shareholders, namely, the Federal Government of Nigeria, represented in the shareholders’ structure by the Nigerian National Petroleum Corporation, NNPC (49 per cent), Shell Gas BV, SGBV, (25.6 per cent), Total LNG Nigeria Limited (15 per cent), and Eni International (N.A,) N. V. S. a. r. l (10.4 per cent).

“NLNG also wishes to emphasize that it continues to conduct all its businesses in full compliance with the laws of the Federal Republic of Nigeria and existing tax regulations, championing compliance and meeting all its applicable tax obligations to federal, state and local governments. A case in point is NLNG’s payment of $1.6 billion to the Federal Government recently as Company Income Tax and Education Tax for 2014 financial year.

“In line with ourvision to help build a better Nigeria, NLNGsupports the principles and objectives of NEITI, including the promotion of transparency in payments by extractive industry companies to governments and government-linked entities.

“NLNG remains the most significant arrow-head of the federal government’s continuing efforts to eliminate gas flaring and derive value from the country’s 187 trillion cubic feet of proven gas reserves,” he stated.

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1 Comment
  • emmanuel kalu

    The best way to solve this problem is simple. open your books to the public and let everyone and anyone be able to look at it. because we have too many accounts and too many people collecting levies, fees and taxes. there is never accountability on where the money was paid.

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