Home Latest News NLNG: it’s not our duty to remit cash into Federation Account

NLNG: it’s not our duty to remit cash into Federation Account

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The Nigeria Liquefied Natural Gas Limited has faulted the Nigeria Extractive Industries Transparency Initiative’s (NEITI’s) claim that it has not remitted about $11.6billion (N2.32trillion) to the Federation Account.

The company, in a statement yesterday, said its dividends were paid to its shareholders, which include the Federal Government, represented in the shareholders’ structure by the Nigeria National Petroleum Corporation (NNPC) with 49 per cent, Shell Gas BV, SGBV, with 25.6 per cent, Total LNG Nigeria Limited, with 15 per cent, and Eni International (10.4 per cent).

NLNG said the NNPC received the dividends on the Federal Government’s behalf and should remit to the Federation Account.

Its statement signed by General Manager, External Relations, Kudo Eresia-Eke, reads: “NLNG remains responsible to its shareholders and pays dividends to them according to the shareholding structure.

“NLNG also wishes to emphasize that it continues to conduct all its businesses in full compliance with the laws of the Federal Republic of Nigeria and existing tax regulations, championing compliance and meeting all its applicable tax obligations to federal, state and local governments. A case in point is NLNG’spayment of $1.6 billion to the Federal Government recently as Company Income Tax and Education Tax for 2014 financial year.

“In line with our vision to help build a better Nigeria, NLNG supports the principles and objectives of NEITI, including the promotion of transparency in payments by extractive industry companies to governments and government-linked entities.

“Nigeria LNG remains the most significant arrow-head of the Federal Government’s continuing efforts to eliminate gas flaring and derive value from the country’s 187 trillion cubic feet of proven gas reserves.

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