Debtor States’ Share Of $2.1bn NLNG Dividend Withheld By Banks – NGF Chairman

NGFThe Chairman, Nigerian Governors’ Forum and governor of Zamfara State, Abdulazeez Yari, has disclosed that banks have withheld the share of the $2.1bn Nigeria Liquefied Natural Gas Company’s dividend due to some states of the federation.
He stated this in an interview with State House correspondents shortly after meeting Vice President Yemi Osinbajo at the Presidential Villa, Abuja, on Thursday.
The NGF chairman noted that states whose shares of the NLNG funds were confiscated by the banks, were debtor-states.
He said, “No money is released yet, but I think the NLNG money that was given some states, some states’ own was taken by the banks because it was due for them to pay certain repayment of loans, which they could not. Therefore, automatically, that had to go there.
“But I think the CBN governor is negotiating with the banks on how we are going to share it. Now, we have agreed that these bailout or intervention funds are coming so that they will know the purpose they were made for the states – to rescue them and ensure that they pay the staff salaries of their respective states”.