NLNG chides NEITI over $15.8bn allegation

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LNG Nigeria logo

The Nigeria LNG Limited has rebuffed allegation of outstanding dividend payments to the Federal Government, saying its attention had been drawn to a call by the Nigerian Extractive Industries Transparency Initiative (NEITI) to the House of Representatives to probe the alleged loss of $15.8bn dividend accruing to the Federal Government.

According to the NLNG in a statement on Sunday, “The NLNG, like every responsible corporate entity, supports the principles and objectives of NEITI, including the promotion of transparency in payments by extractive industry companies to governments and government-linked entities.

“The NLNG is aware that NEITI had previously stated publicly in 2016 that records indicated that the NLNG duly made the applicable dividend payment to the NNPC as representative of government’s interest in the venture.”
The company pledged to continue to conduct its business in accordance with regulations and the laws of the Federal Republic of Nigeria.

NEITI told the House of Representatives last week that the Nigerian National Petroleum Corporation had yet to remit crude oil proceeds totalling $21.7bn to the Federation Account.

It also said the Federal Government’s $15.8bn share of dividend from investment in Nigeria LNG, in which it has 49 per cent stake, had yet to be remitted to the Federation Account.

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