• Nigeria LNG Limited’s (NLNG) has dismissed the claims by the Nigerian Extractive Industry Transparency Initiative (NEITI) that government’s $11.6 billion dividends from the earnings of the incorporated joint venture was not remitted to the federation’s account.
  • The company also clarified that it had neither equity stake nor investment role in the development of a dry dock in Badagry area of Lagos, and appealed to those agitating for the location of the project to be properly guided with valid information.
  • Spokesman of the company, Dr. Kudo Eresia-Eke, declared in a statement that “NLNG remains responsible to its shareholders and pays dividends to them according to the shareholding structure.”
  • His statement came in response to media reports referring to a statement by NEITI that NLNG has not remitted about $11.6billion (N2.32trillion) to the Federation Account.
  • NEITI Executive Secretary, Zainab Shamsuna Ahmed, had reiterated in a report by the agency that Nigerian National Petroleum Corporation (NNPC) had yet to remit the $11.6 billion, dividend to the Federation Account from the exports by the NLNG in which the national oil company holds overriding 49 percent non-operating interest.
  • NNPC has been consistent with denials of the torrents of fraud allegations by NEITI, but the current allegations about NNPC appears to have dragged the credibility of the operator and other foreign multinational partners into the mud.

“For the purpose of clarity,” Dr. Eresia-Eke declared, “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%), Shell Gas BV, SGBV, (25.6%), Total LNG Nigeria Limited (15%), and Eni International (N.A,) N. V. S. a. r. l (10.4%).”

Source: The Union

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