The Nigeria LNG Limited says it has no outstanding dividend payments to the Federal Government and continues to conduct its business in accordance with regulations and the laws of the Federal Republic of Nigeria.

The company said in a statement on Sunday that its attention had been drawn to call by the Nigerian Extractive Industries Transparency Initiative to the House of Representatives to probe the alleged loss of $15.9bn dividend accruing to the Federal Government.

NEITI told the House of Representatives on Wednesday that the Nigerian National Petroleum Corporation had yet to remit crude oil proceeds totalling $21.7bn to the Federation Account.

It also said the Federal Government’s $15.8bn share of dividend from investment in Nigeria LNG, in which it has 49 per cent stake, had yet to be remitted to the Federation Account.

The company, however, said, “The NLNG, 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.

“The NLNG is aware that NEITI had previously stated publicly in 2016 that records indicated that the NLNG duly made the applicable dividend payment to the NNPC as representative of government’s interest in the venture.”

Source: Punch

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Posted in LNG

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