Home Latest News NLNG generates $90b revenue from gas flaring, says company’s boss

NLNG generates $90b revenue from gas flaring, says company’s boss

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The Nigerian NLG Limited, NLNG,  on Tuesday disclosed that it has generated some $90 billion from gas flared since 1999 when it commenced operation.

Its Managing Director/Chief Executive Officer, Mr Babs Omotowa, disclosed this at the commissioning of a $4 million technology laboratory project at the University of Ibadan.

The project was jointly undertaken by the company and the premier university on equal contribution of $2 million each.

Omotowa also revealed that the company has been a major contributor to Nigeria’s revenue base having paid $33 billion in dividends, taxes and other charges to the government since it commenced operation in 1999.

Omotowa further stressed that the company is the biggest tax payer in Nigeria and sub-Sahara Africa having paid a sum of $3 billion in company income tax and Education Tax in 2014 and 2015.

On the project, the NLNG boss explained that the University of Ibadan’s excellence rating in academic and research in Africa informed its decision to site the $4 million technology laboratory in the institution.

Reeling out its support for science and literature over the years, the NLNG boss said the company: “reviewed the science prize and took a decision in 2013 to nest further down the chain so as to improve the chances for science research so that more winners can emerge in future with research that will impact the lives of Nigerians.”

The new decision, he explained, led to the idea of the tech laboratory in the highest rated universities in the six geo-political zones of the country.

He said: “In selecting the universities, excellence was again the key determinant. As a core value, it permeates every work process in Nigeria LNG; we ensured that the selection process was not an exception. The six universities were selected purely based on the top ranked university in each region from the independent rankings by the National Universities Commission (NUC) and the World Universities Ranking.

“For the Northwest cluster, Ahmadu Bello University (ABU), Zaria was selected. Others are University of Port Harcourt, University of Nigeria, Nsukka, University of Ilorin, University of Maiduguri and the University of Ibadan.”

Earlier in his welcome address, the Vice Chancellor of the University, Prof. Abel Olayinka, commended the company for the project, stressing that it would help the institution realize her ambition of becoming the training and research hub in Africa.

But the Olubadan of Ibadan land, Oba Saliu Adetunji, while commending the Nigeria LNG, called for increased investment in view of the huge revenue and profits it posts yearly.

The project was commissioned by Oyo State Governor, Abiola Ajimobi, who was represented by his deputy, Otunba Moses Alake-Adeyemo

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