Nigeria LNG Limited (NLNG) has denied allegation by the Nigerian Extractive Industries Transparency Initiative (NEITI) that the company did not account for $15.9 billion dividend accruing to the Federal Government.
The allegation was made last week by Executive Secretary of NIETI, Waziri Adio, before the House of Representatives ad-hoc panel investigating alleged losses of $17bn oil proceeds.
A statement by General Manager, External Relations Division of NLNG, Kudo Eresia-Eke, on Sunday said the company, 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.
It, however, stated that “NLNG has no outstanding dividend payments to Government and continues to conduct its business in accordance with regulation and the laws of the Federal Republic of Nigeria.”
Adio had told the lawmakers that “NLNG got $15.9b as dividends as Nigeria’s returns for its 49 percent equity in NLNG. The dividend was collected by the NLNG but was not found in the Federation Account.”
Countering, the statement by Eresia-Kudo pointed out that “NLNG is aware that NEITI had previously stated publicly in 2016 that records indicate that NLNG duly made the applicable dividend payment to the NNPC as representative of Government’s interest in the venture.
“NEITI’s 2017 Policy Brief document specifically details dividend payments by NLNG to NNPC between 2000 and 2014 and confirms that NNPC acknowledged receipt of same.”
