This year I have decided to begin a series of web logs that will give an insight into the corporate performance of some of Nigeria’s biggest companies. One of such companies in the Nigeria LNG Ltd which is party owned by the NNPC (49%), Shell (25.6%), Total LNG Nigeria Ltd (15%) and Eni (10.4%). It is obviously one of Nigeria’s biggest company and one which the people of Nigeria should be interested in tracking its performance.
I went to their website and searched got any document that will give me an insight into the financial performance of the company. I found a document called “Facts and Figures 2012“which literally speaking should provide one with all the details you need. Sadly, the fact and figures was more like a photo album as it contained a lot more pictures of their offices and offshore activities rather than details of their operational performance. I found nothing on Revenue generated in the current financial year or prior years neither did I find the Statement of Affairs of the Company. No audited accounts whatsoever and nothing on that could give one an inkling to the value of the company. In fact you get more details on their charitable activities than their actual operations
Why am I not surprised? Even till today Nigerians are yet to see an audited accounts of one of its major corporation, NNPC. This is more reason why Government Corporations like the NNLG and NNPC should be fully privatized with the Government divesting its ownership completely to Nigerians. It makes no sense for the Government owning a large organization that shows no form accountability to the people of Nigeria. NNLG for example is said to own about 11% of the worlds Liquefied Natural Gas Capacity following the completion of its 6th production train in 2007 at Bonny with a capacity of 22million tonnes a yar of LNG and 4 million tonnes a year of LPG. The company is obviously large and one which if allowed to be quoted with its shares traded on the Nigerian Stock Exchange will help deepen our seemingly faltering stock market giving investors an opportunity to benefit from the huge returns the company can potentially generate. In the UK for example, British Pensioners are said to own
shares in BP with the investment accounting for 6% of what they hold in UK equities . BP is about the 4th largest company in the world and the third largest energy company in the world. BP, British Petroleum as it was known at the time was mostly owned by the British Government until former British Prime Minister Margaret Thatcher, as part of their privatisation policy sold of the Government’s stake. A look at their
website show you the corporate transparency one demands of a company like that.
For now though, I am still searching for any document that can give me an idea of what NLNG makes annually and how much dividend the Government makes from it. If you have any information regarding that, kindly forward to yours sincerely.
