Senate Urges AGF to Probe Nigeria’s $18bn Dividend from NLNG | AfriTV Online

Yesterday, the Senate ordered the Federal Accountant General 's Office (AGF) to investigate the alleged payment of the amount of $18,323,032,261.03 as a dividend from Nigeria's 53 percent investment in Nigeria Liquefied Natural Gas Limited (NLNG) fro...

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Senate Urges AGF to Probe Nigeria’s $18bn Dividend from NLNG

Published by: O. Elijah
08/27/2020 01:42 PM

Yesterday, the Senate ordered the Federal Accountant General 's Office (AGF) to investigate the alleged payment of the amount of $18,323,032,261.03 as a dividend from Nigeria's 53 percent investment in Nigeria Liquefied Natural Gas Limited (NLNG) from 2004 through 2020.

In the public hearing on revenue generation drive for the Medium Term Expenditure System and Fiscal Strategy Paper (MTEF / FSP) 2021-2023, the Chairman of the Senate Committee on Finance, Olamilekan Adeola, gave the Guidance following disclosures made by a top official of NLNG.

Among others he asked the AGF, Ahmed Idris, to confirm whether the sum was actually transferred to the Nigeria National Petroleum Corporation (NNPC) which represents the interest of Nigeria in NLNG.

According to Adeola, other terms of reference of the Accountant General include deciding how much was actually remitted to the Federation Account, and also ascertaining if there was any deduction by NNPC; how much was deducted and who allowed the deductions and the exchange rates applied for the amount remitted over the years under examination.

Although granting the AGF two weeks to complete its task, the chairman of the committee asked him if he could confirm payment to the Federation Account of the humongous dividends.

In response, Idris said that this can not be checked immediately, as the dividend is normally paid to NNPC, which is the company's Nigeria representative. The General Manager, External Relations and Sustainable Development of NLNG, Mrs. Eyono Fatai-Williams had previously provided the company's financial overview from 1999 to 2019 showing it had paid Nigeria a dividend of over $18 billion between 2004 and 2020, stressing that NLNG is committed to a culture of openness and honesty.

The NLNG had, according to her, remitted $18 billion to the NNPC as dividends to the federal government in the last 16 years.

The breakdown of the $18 billion remitted to NNPC on behalf of the Federal Government for 2004 contained $278,860,715.00; $57,425460.17 for 2005; $332,979,540.83 for 2006; 2007($842,956,858.80); 2008($2,613,170,000.00); 2009($848,680,000.00); 2010($1,401,400,000.00); 2011($2,509,780,000.00); and 2012($2,768,990.00). Others are 2013($1,260,704,340.00); 2014($1,389,908,436.93); 2015($1,043,764,965.12); 2016($356,126,898.440); 2017($798,140,840.45); 2018($904,498,502.96), and 2019($915,645,702.33).

She also disclosed that the NLNG had also paid the federal government $9 billion as tax from 2011 to date, while the NNPC had also received $15 billion for field gas since the inception of the company. 

 

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