$11.6b LNG Dividends: Discussions On To Reconcile Figures – NNPC | Independent Newspapers Limited
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$11.6b LNG Dividends: Discussions On To Reconcile Figures – NNPC

Posted: Jun 11, 2015 at 12:00 am   /   by   /   comments (0)

By Obas Esiedesa and Phillip Oladunjoye


The Nigerian National Petroleum Corporation (NNPC) on Wednesday clarified that discussion was on-going on the reported non-remittance of the $11.6b LNG dividends by the Nigerian Extractive Industries Transparency Initiative (NEITI).

NEITI Executive Secretary, Zainab Ahmed, had on Tuesday in Abuja disclosed that a total of $11.6billion, which represented outstanding total dividends arising from loans and interest repayments from Federal Government’s investment in Liquefied Natural Gas (LNG), needed to be recovered into government coffers.

She said: “Our 2012 Audit Report discovered that total dividend loans and interest repayment from LNG paid to the NNPC in 2012 was $2.8 billion, however in the course of NEITI’s Audit NNPC was unable to provide any evidence to provide that the funds were remitted to the federation as required by law.

“The total amount received by NNPC from LNG under the same circumstance, which has not been remitted to the federation account, standS at $11.6billion.”

But NNPC in a statement noted that contrary to the impression created by NEITI that nothing was being done to get the money remitted, the matter had since been referred to the Inter-Ministerial Task Team (IMTT) for reconciliation and resolution.