NEITI calls for probe of $15.8 bn NLNG dividends from 2004-2014


The Nigeria Extractive Industries Transparency Initiative (NEITI), on Thursday asked the Federal Government and the National Assembly to launch an independent probe to determine the current status of all dividends and loan repayments by the Nigeria Liquefied Natural Gas (NLNG) to the Nigerian National Petroleum Corporation (NNPC) between 2000 and 2014, Premium Times reports.

The Executive Secretary of the transparency and accountability agency, Waziri Adio, said in Abuja that government must also investigate where the funds were, or what projects they were utilized on. This is the second call by NEITI on government for a probe of some public finances in the last 48 hours since the publication of the latest edition of NEITI’s Policy Brief, which examined unremitted funds, economic recovery and oil sector reforms.

Mr. Adio noted that although the federal government’s 49 per cent equity in the NLNG was held through the NNPC, dividends were paid annually, but were not being remitted to the federation account as and when due. “NEITI’s audits have revealed that until 2015, NNPC failed to remit the interests and dividends from NLNG to the Federation Account,’’ the NEITI scribe said. “Total outstanding dividends and loan repayments by NLNG to NNPC not remitted to the Federation Account between 2000 and 2014 stands at over $15.8billion.