NLNG Clarifies Issue Of Non-Payment Of $11.6b Dividend To Shareholders | Independent Newspapers Limited
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NLNG Clarifies Issue Of Non-Payment Of $11.6b Dividend To Shareholders

Posted: Aug 6, 2015 at 1:12 am   /   by   /   comments (0)

By Oladunjoye Phillip, Lagos


The management of the Nigeria LNG Limited’s (NLNG) has clarified issues relating to an alleged non-remittance of about $11.6 billion (N2.32 trillion) to the Federation Account, which it said was credited to the Nigerian Extractive Industries Transparency Initiative (NEITI) by some sections of the media.

In a statement by the General Manager, External Relations, NLNG, Kudo Eresia-Eke, the company said it was owned by four stakeholders and has remained responsible to them.

“For the purpose of clarity, 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%).

“NLNG remains responsible to its shareholders and pays dividends to them according to the shareholding structure,” the statement said.

NLNG said it also wishes to emphasize that it continues to conduct all its businesses in full compliance with the laws of the Federal Republic of Nigeria and existing tax regulations, championing compliance and meeting all its applicable tax obligations to federal, state and local governments, explaining that a case in point was the NLNG’s payment of $1.6 billion to the Federal Government recently as Company Income Tax and Education Tax for 2014 financial year.

“In line with our vision to help build a better Nigeria, NLNG supports the principles and objectives of NEITI, including the promotion of transparency in payments by extractive industry companies to governments and government-linked entities.

Nigeria LNG remains the most significant arrow-head of the federal government’s continuing efforts to eliminate gas flaring and derive value from the country’s 187 trillion cubic feet of proven gas reserves,” the statement added.