NEITI Begs FG, NASS to Probe $15.8b NLNG Dividends

April 8, 2017
NEITI Begs FG, NASS to Probe $15.8b NLNG Dividends
NLNG MD, Mr Tony Attah
NEITI Begs FG, NASS to Probe $15.8b NLNG Dividends
NLNG MD, Mr Tony Attah

By Dipo Olowookere

The Federal Government and the National Assembly have been urged to investigate the dividends and loan repayments made by the Nigeria Liquefied Natural Gas (NLNG) to the Nigerian National Petroleum Corporation (NNPC) between 2000 and 2014.

This appeal was made by the Executive Secretary of the Nigeria Extractive Industries Transparency Initiative (NEITI), Mr Waziri Adio, on Thursday in Abuja.

Mr Adio wants both the FG and the National Assembly to determine the current status of all dividends and loan repayments by the NLNG and also where the funds were or what they were used for.

He said audits have revealed that dividends were paid annually, but were not being remitted to the federation account as and when due.

Federal Government has 49 percent equity in the NLNG and it is held through the NNPC.

According to him, “Total outstanding dividends and loan repayments by NLNG to NNPC not remitted to the Federation Account between 2000 and 2014 stands at over $15.8 billion.

The agency scribe noted that its independent auditors had traced these payments to NNPC accounts without a corresponding evidence NNPC remitted same to the Federation Account as required by sections 80(1) & 162 (1) of the Nigerian constitution.

He gave details of the outstanding unremitted funds as $211.34 million in 2000; $322.08 million in 2001; $226.6 million in 2002; $436.3 million in 2003; $280.1 million in 2004; $2073 million in 2005; $333 million in 2006 and $843 million in 2007.

Equally, $2.6 billion was paid in 2008; $879.84 million in 2009; $1.43 billion in 2010; $2.54 billion in 2011; $2.8 billion in 2012; $1.3 billion in 2013 and $1.42 billion in 2014.

This is the second time in 48 hours NEITI is calling for the probe of public finances.

On Tuesday, the agency advised the Federal Government to recover $21.8 billion and N316.1 billion from the NNPC.

It explained that the amount was not remitted from the divestment of some federation asset by some multi-national joint venture oil and gas companies to its upstream subsidiary, the National Petroleum Development Company (NPDC).

Dipo Olowookere

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

Mr Olowookere can be reached via [email protected]

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