• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Business News

NNPC to provide explanation on spending of NLNG dividends

Fikayo Owoeye by Fikayo Owoeye
November 23, 2018
in Business News, Company News
Nigerian National Petroleum Corporation, Ndu Ughamadu

NNPC

Share on FacebookShare on TwitterShare on Linkedin

The Nigerian National Petroleum Corporation (NNPC) has offered to provide details of the Nigerian Liquefied Natural Gas (NLNG) Dividends Account from 1999 till date to give the Senate and the general public a comprehensive insight into the operations of the account.

Group Managing Director of NNPC, Dr. Maikanti Baru, stated this at the hearing of Senate Committee on Gas which has been mandated to probe the alleged unauthorized disbursement from the account to support importation of petroleum products to avert scarcity.

Baru insisted that there was need to take a holistic look at the NLNG Dividends Account from inception rather than a limited view from 2015 as requested by the Senate Committee. He futher said the corporation was ready to provide details of operations of the account in terms of revenues and withdrawal mandates form 1999 till date.

RelatedStories

Dr. Philip Mshelbila

NLNG introduces $1,300 business grants for Rivers youths under new VIBES program 

April 29, 2025
London court orders Nigeria’s NLNG to Pay $380 million over undelivered cargoes 

London court orders Nigeria’s NLNG to Pay $380 million over undelivered cargoes 

February 25, 2025

Where withdrawals made without approval?

At the heart of this controversy is the allegation that the management of the NNPC withdrew billions of dollars from NLNG Accounts without following due process. In other words, they acted solely without obtaining the necessary approvals from the appropriate quarters.

The Chairman of the committee,  Senator Bassey Akpan, had asked officials from both the NNPC and the Central Bank of Nigeria to provide documents detailing the various withdrawals which were supposedly made between 2016 and 2018.

Why did the NNPC withdraw the money?

The Nigerian National Petroleum Commission (NNPC) used parts of the NLNG funds for the purpose of fuel importation.  The upper chamber had last month commenced an inquiry into a $3.5 billion fund that was supposedly expended by the Nigerian National Petroleum Corporation for the purpose of petrol importation.

NLNG is NNPC’s joint venture with a number of foreign oil companies including ENI, Royal Dutch Shell Plc and Total SA. The company produces liquified natural gas for exportation purposes.


Follow us for Breaking News and Market Intelligence.
Tags: mikanti BaruNigeria National Petroleum Corporation NNPCNLNG
Fikayo Owoeye

Fikayo Owoeye

Fikayo has a degree in computer science with economics from Obafemi Awolowo University. ITIL v3 in IT service management. An alumnus of Daystar Leadership Academy. Prior to joining Nairametrics had stinct in Project management, Telecommunications among others. Also training in Consulting and Investment banking from Edubridge Academy. He has very keen interest in Politics, Agri-business, private equity and global economics. He loves travelling and watching football. You can contact him via fikayo.owoeye@nairametrics.com

Related Posts

Dr. Philip Mshelbila
Energy

NLNG introduces $1,300 business grants for Rivers youths under new VIBES program 

April 29, 2025
London court orders Nigeria’s NLNG to Pay $380 million over undelivered cargoes 
Energy

London court orders Nigeria’s NLNG to Pay $380 million over undelivered cargoes 

February 25, 2025
Nigeria’s LNG exports drop by 20% as pipeline vandalism persists  
Energy

Nigeria’s LNG exports drop by 20% as pipeline vandalism persists  

January 30, 2025
FG proposes 30% advance payment from NLNG to expedite Bodo-Bonny road project 
Real Estate and Construction

FG proposes 30% advance payment from NLNG to expedite Bodo-Bonny road project 

October 7, 2024
Mele Kyari,
Energy

NNPC, TotalEnergies to invest $550 million in gas projects in Nigeria – Report  

June 19, 2024
LNG: Global markets puts Venture Global LNG and NLNG in perspective
Corporate Updates

LNG: Global markets puts Venture Global LNG and NLNG in perspective

June 12, 2024
Next Post
Chidiebere Nwokeocha - Cornerstone Insurance Plc appoints new Executive Director

Cornerstone Insurance Plc appoints new Executive Director

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

first bank








DUNS

Recent News

  • Gamsole founder Abiola Olaniran, 36, dies 
  • FG, Femi Otedola deny involvement in FirstHoldCo’s N323 billion share acquisition 
  • Appeal Court prohibits Human Rights Commission from entertaining Oil Spillage Complaints in Nigeria 

Follow us on social media:

Recent News

Gamsole founder Abiola Olaniran, 36, dies 

Gamsole founder Abiola Olaniran, 36, dies 

July 18, 2025
Buy, Sell or Hold – FirstHoldco?

FG, Femi Otedola deny involvement in FirstHoldCo’s N323 billion share acquisition 

July 18, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics