Tuesday, 07 July 2020 17:37

$1.05bn: Reps Tackle NNPC, NLNG Over Illegal Withdrawals

An alleged illegal withdrawal of funds from the Nigerian Liquefied Natural Gas Limited amounting to $1.05bn by the Nigerian National Petroleum Corporation (NNPC) is currently being investigated by the House of Representatives.

The resolution followed the adoption of a motion moved by the Minority Leader, Ndudi Elumelu, at the plenary on Tuesday, entitled ‘Need to Investigate the Illegal Withdrawals from the NLNG Dividends Account by the Management of NNPC.’

Consequently, the House mandated its Committee on Public Accounts to “invite the management of the NNPC as well as that of the NLNG, to conduct a thorough investigation on activities that have taken place on the dividends account and report back to the House in four weeks.”

Moving the motion, Elumelu recalled that the NLNG was incorporated as a limited liability company in 1989, with the aim of producing liquefied natural gas and natural gas liquids for export purposes, while it’s production began in 1999.

He noted that the NLNG is jointly owned by the Government of Nigeria, represented by the NNPC, with a shareholding of 49 per cent, while Shell Gas B.V has 25.6 per cent; Total LNG Nigeria Ltd, 15 per cent; and ENI International, 10.4 per cent.

Elumelu said, “The House is aware that the dividends from the NLNG are supposed to be paid into the Consolidated Revenue Funds account of the Federal Government and to be shared amongst the three tiers of government.

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