The
Nigerian National Petroleum Corporation (NNPC) on Tuesday said parts of
the $12.9 billion dividends it received from the Nigeria Liquefied
Natural Gas (NLNG) Ltd on behalf of the federation but which it did not
remit over a period of eight years was not missing but reinvested into
other gas projects.
The corporation also said the balance of
the dividend has been moved to the Central Bank of Nigeria (CBN),
adding that it was no longer housing the money in line with the federal
government’s directive on the Treasury Single Account (TSA).
NNPC stated these in Abuja when the Nigeria Extractive Industries Transparency Initiative (NEITI) convened a stakeholders’ dialogue on the 2013 audit report of activities in Nigeria’s oil and gas industry.
NNPC stated these in Abuja when the Nigeria Extractive Industries Transparency Initiative (NEITI) convened a stakeholders’ dialogue on the 2013 audit report of activities in Nigeria’s oil and gas industry.
It said that it took and ploughed back parts of the dividends to new trains that were built by the NLNG.
It equally listed the BrassLNG and
OlokolaLNG projects, as well as other gas projects it did not mention,
as other beneficiaries from the dividend. The BrassLNG and OlokolaLNG
projects have however remained on the ground.
NNPC explained that the reinvestment in NLNG was part of its equity share of the cost of such expansion in its trains. The NLNG currently has six trains which produce 22 million tonnes per annum (MTPA) of LNG.
NNPC explained that the reinvestment in NLNG was part of its equity share of the cost of such expansion in its trains. The NLNG currently has six trains which produce 22 million tonnes per annum (MTPA) of LNG.
Credit: Thisday
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