Business

NNPC Hails NLNG Over N1.98 trn Loan Repayment

Published

7 years ago

July 13, 2018

The Nigerian National Petroleum Corporation (NNPC) has commended the Nigeria LNG Limited (NLNG) on its successful repayment of 5.45 billion dollars (N1.98 trillion) loan on Train 1 to six investments.
The Manager, Communications and Public Affairs of NLNG, Mr Andy Odeh, said Dr Maikanti Baru, the Group Managing Director of NNPC made the commendation in a statement in Lagos last Wednesday.
Baru spoke at a ceremony to mark the successful repayment of 5.45 billion dollars shareholders loan in London.
He said that NLNG sourced a total principal amount of 4.043 billion dollars from its shareholders in their respective shareholding proportions to partly fund the construction of Trains 1 to 6.
Baru said that the total capitalised interest in the shareholders loan was 1.411 billion dollars, which he said was in addition to the total principal drawdown of 4.043 billion dollars accounted for the total loan amount of 5.45 billion dollars repaid by the company.
The NNPC boss said that NLNG promptly serviced the shareholders loan with accelerated repayments made in the course of the loan, adding that the final principal amount of 35,135 billion dollars was promptly repaid on due date of Dec. 15, 2017.
According to Baru, after several false starts, the shareholders of NLNG took a Final Investment Decision (FID) of 3.31 billion dollars in 1995, for NLNG base project (Trains 1 and 2) with production capacity of 8 Million Tonnes Per Annum (MTPA) of LNG.
“This investment was wholly financed by shareholders through equity of 0.86 billion dollars and loan of 2.45 billion dollars.
“The project experienced rapid expansion, growing up to six trains by 2005 and production capacity of 22 MTPA of LNG and 5MTPA of NGLs (LPG and Condensates).
“With the shareholders investing a total loan of 5.45 billion dollars and equity of 1.13 billion dollars among other sources of financing.
“The investment in NLNG by the shareholders has multifaceted impact both locally and internationally re-echoing the company’s vision of being a world class company helping to build a better Nigeria.’’
Baru said that NLNG had contributed significantly to the reduction of gas flaring in Nigeria, reducing the adverse impacts of gas flaring on the environment and diversifying the revenue base of the nation.
He said that as at 2015, a replacement valuation of the trains stood at approximately 16 billion dollars from initial total project cost of 8.71 billion dollars.
He said presently, NLNG had generated revenues in excess of 25 billion dollars to the Federal Government, comprising of dividends of circa 17 billion dollars and taxes of 7.2 billion dollars.
According to him, this is a delight and a source of immense pride to the government and people of Nigeria, its host communities, the shareholders, financial markets and several other stakeholders.
He said NLNG had invested substantial funds in CSR activities from commencement of operations to date.
“About 150 million dollars had been contributed by NLNG for the on-going construction of Bonny – Bodo road by Julius Berger at a total cost of 300 million dollars with government funding the balance.
“The company has continually served as a dependable source of energy to the global market, moving its products practically to all continents around the world.
“NLNG takes great pride in its place as the fourth largest global LNG supplier which currently has six LNG trains with installed production capacity of 22 Million Tonnes per annum (MTPA) of LNG and 5MTPA of NGLs (LPG and Condensates).’’ he said.
“What this does for us is give us a degree of freedom to start FEED and sometime after, EPC Bidding, with both activities overlapping. “The project experienced rapid expansion, growing up to six trains by 2005 and production capacity of 22 MTPA of LNG and 5MTPA of NGLs (LPG and Condensates),” he said

Business

PENGASSAN Tasks Multinationals On Workers’ Salary Increase

Published

6 days ago

December 8, 2025

The Tide

The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has asked companies in the oil and gas sector to undertake urgent review of salaries of their workers in view of the prevailing harsh economic conditions in the country.

Also, the pensioners of Chevron Nigeria, under the aegis PenCoN, have lauded the President of PENGASSAN, Comrade Festus Osifo and his executive on their unrelenting efforts toward addressing pension abnormalities faced by retired workers in the oil and gas industry.

The association also appealed to the federal government to take necessary measures to check banditry and terrorist activities in parts of the country.

PENGASSAN President, Osifo who addressed journalists shortly after the National Executive Council meeting of the association in Abuja, at the weekend, said that though a lot of success has been recorded in negotiating salary reviews for its members, there are still organisations that have failed to lift their workers from the present harsh economic situation.

He said within this period, PENGASSAN has signed numerous Collective Bargaining Agreements (CBAs) which has brought smiles to the faces of its teeming members.

“This is because we recognise that our job, literally, is how to protect the job of our members, and how to enhance their pay,” he said.

Osifo said that operators in the oil and gas sectors always go for the best qualified professionals to carry out their operations.

“So, the same way they recruit the best, we also challenge them to provide the best condition of service and provide the best remuneration.

“Yes, today, a lot of companies will have achieved successes, but there are still few that we are still discussing at their CBAs, that we are not yet there.

“We still use this opportunity to call on these companies that are still foot dragging, that are still holding back, even with the massive devaluation that has occurred in our country, that still don’t want to fix the remuneration of our members.

“We are calling on them to do the needful, because for us in PENGASSAN we will push without holding back. We will push, using everything in our arsenal, to ensure that the needful is done,” he said.

Osifo spoke of the dispute with the Dangote Refinery group, saying there are still pending issues to be resolved.

“Gentlemen of the press, during the networking session, we also looked at the issues that are plaguing some of our branches, and you know that recently, we had some challenges in Dangote Refinery and PetroChemicals Ltd.

“And within this period, since our last National Industrial Action, we have been engaging them in a lot of conversations, but the issues are not fully resolved. There are still a lot of pending issues.

“Yes, the NEC decided that, yes, let us still consummate that process by pushing those issues, by engaging in dialogue to resolve the issues, and by also engaging all our social partners and stakeholders to get the issues resolved,” he said.

Business

SEC Unveils Digital Regulatory Hub To Boost Oversight Across Financial Markets

Published

6 days ago

December 8, 2025

The Tide

The Securities and Exchange Commission (SEC) has launched the Regulatory Hub, a new centralized digital platform designed to streamline collaboration, strengthen oversight, and improve transparency across Nigeria’s financial and capital market ecosystem.

The Commission disclosed this in a statement posted on its website.

According to the commission, the platform connects key regulatory and security institutions including the Office of the National Security Adviser (NSA), the Central Bank of Nigeria (CBN), Economic and Financial Crimes Commission (EFCC), Federal Inland Revenue Service (FIRS), and Corporate Affairs Commission (CAC), enabling them to exchange information securely and in real time.

The launch of this regulatory hub comes ahead of the implementation of new tax laws in January 2026, with agencies such as the FIRS spreading its tentacles across sector to monitor compliance.

According to the SEC Director-General, Emomotimi Agama, the launch marks a significant step toward modernizing Nigeria’s regulatory framework through technology.

“The Regulatory Hub is a major step in our commitment to leverage technology for stronger regulatory synergy. By connecting regulators on one platform, we are building resilience, enhancing market integrity, and promoting investor confidence,” he said.

The SEC said the platform would help reduce bottlenecks in regulatory processes and facilitate faster, more informed decision-making across agencies.

Reinforcing the DG’s comments, the Executive Commissioner, Operations, Bola Ajomale, highlighted the operational benefits of the new system.

“The platform will significantly improve the timeliness and quality of regulatory decision-making. It provides a single window for regulators to share data, respond to requests, and collaborate seamlessly in safeguarding our financial and capital markets,” he said.

The commission believes the Regulatory Hub would support its broader mandate to strengthen investor protection, enhance market stability, and harmonize regulatory activities across the financial sector.

It urged stakeholders to initiate interest by emailing the Commission, adding that once registered, participants would be able to access the Hub and take advantage of its features.

Business

NAFDAC Decries Circulation Of Prohibited Food Items In markets …….Orders Vendors’ Immediate Cessation Of Dealings With Products

Published

6 days ago

December 8, 2025

The Tide

The National Agency for Food and Drug Administration and Control (NAFDAC) has raised an alarm over the growing circulation of banned food products across markets in the country.

The agency, in a Press Release dated 6 December 2025, warned that these items including pasta, noodles, sugar and tomato paste are expressly listed on the Federal Government’s Customs Prohibition List and are illegal to import.

NAFDAC stated that the sale and distribution of such prohibited items violate national trade laws, compromise the integrity of Nigeria’s food control system, and pose significant public health risks, as they have not undergone the agency’s mandatory safety and quality evaluations.

Importers, market traders, and supermarket operators have therefore, been directed to immediately cease all dealings in these items and to notify their supply chain partners to halt transactions involving prohibited products.

The agency emphasized that failure to comply will attract strict enforcement measures, including seizure and destruction of goods, suspension or revocation of operational licences, and prosecution under relevant laws.

The statement said “The National Agency for Food and Drug Administration and Control (NAFDAC) has raised an alarm over the growing incidence of smuggling, sale, and distribution of regulated food products such as pasta, noodles, sugar, and tomato paste currently found in markets across the country.

“These products are expressly listed on the Federal Government’s Customs Prohibition List and are not permitted for importation”.

NAFDAC also called on other government bodies, including the Nigeria Customs Service, Nigeria Immigration Service(NIS) Standards Organisation of Nigeria (SON), Nigerian Ports Authority (NPA), Nigerian Maritime Administration and Safety Agency (NIMASA), Nigeria Shippers Council, and the Nigeria Agricultural Quarantine Service (NAQS), to collaborate in enforcing the ban on these unsafe products.

By: Lady Godknows Ogbulu