NLNG Dismisses Claims Of Non-Remittance Of Funds

The Nigeria Liquefied Natural Gas Limited (NLNG) has dismissed claims that it has not remitted its revenues for the last 10 years to the Federation Account.

Reacting to reports in a section of the media last week that it has failed to remit funds generated from sale of its main gas stock to the distributable account, General Manager, External Relations, NLNG, Kudo Eresia-Eke, said that tyhe company has decided to speak up on the issue to clear doubts in the minds of many Nigerians, and indeed, other foreign investors that the NLNG was not a transparent and accountable business entity.

Eresia-Eke emphasised that , in fact, the “Nigerian Extractive Industries Transparency Initiative (NEITI) had independently verified this issue and in its last report, confirmed that Nigeria LNG Limited had fulfilled all it’s due obligations”.

The general manager noted that “relevant committees in the Federal House of Representatives in 2009 and 2013 have also similarly reviewed this issue without any adverse findings against Nigeria LNG Limited”.

He stressed that “for the sake of clarity, Nigeria LNG Limited is a private limited liability company incorporated in 1989”, adding that “NLNG is not a government agency or parastatal and it’s dividends are paid to its shareholders”.

According to him, “Nigeria LNG Limited’s shareholders are NNPC  which holds 49 per cent of shareholding, Shell with 25.6 per cent, Total LNG with 15 per cent stake, and ENI, which holds 10.4 per cent stake”, stating that “Nigeria LNG Limited conducts it’s business in accordance with regulations and Nigerian laws”.

Rivers State Governor, Rt Hon. Chibuike Amaechi (left) receiving a prize from out-going Captain of Ikeja Golf Club, Wole Sowole during the Ikeja Golf Club Captain’s Day 2014 celebration in Lagos at the weekend.