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    Itomie News: It’s Not Our Responsibility To Fund Federation Account – Nigerian LNG

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Summary

Nigeria's NLNG has rebuffed NEITI's claims that it should have paid $11.6 billion of dividends to the government, saying the responsibility to do so was NNPC's

by: Erica Mills

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Press Notes, Africa

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Itomie News: It’s Not Our Responsibility To Fund Federation Account – Nigerian LNG

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

The company, in a statement Wednesday, August 5, 2015 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.

Read the full article HERE.

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