NLNG Debunks Allegations On Non-remittance Of Funds

The management of the Nigeria Liquefied Natural Gas Company (NLNG) has denied allegations of non-remittance of funds accruing from the company to the Federation Account from 2004 to date which was made against it by the House of Representatives.

The House had on Thursday mandated its Committee on Natural Gas to scrutinise the alleged non-remittance of funds accruing from the NLNG, saying that it was seriously affecting “all critical sectors of the Nigerian economy”.

The NLNG statement reads: “Nigeria LNG Limited’s attention has been drawn to recent reports in sections of the Nigerian media, on allegations of non remittance of funds to the Federation account by the company from 2004 till date.

“For the sake of clarity, Nigeria LNG Limited is a Private Limited Liability company incorporated in 1989. It is not a government agency or parastatal and its dividend are paid to its shareholders,” the NLNG yesterday said in a press statement signed by Kudo Eresia-Eke, General Manager, External Relations.

“Nigeria LNG Limited’s shareholders are NNPC which holds 49% of shareholding, Shell (25.6%), Total LNG (15%) and ENI (10.4%). Nigeria LNG Limited conducts its business in accordance with regulations and Nigerian laws.”

The company said further that the Nigerian Extractive Industries Transparency Initiative (NEITI) had independently verified the allegations “and in its last report, confirmed that Nigeria LNG Limited had fulfilled all its due obligations”.

It said that relevant committees in the Federal House of Representatives in 2009 and 2013 had also similarly reviewed the allegations without any adverse findings against the NLNG.