Nigeria earned at least $11.8 billion as
dividends from the Nigerian Liquefied
Natural Gas Company, and not $5.6 billion
as claimed by former Nigerian
governments led by the People’s
Democratic Party, PREMIUM TIMES can
confirm today.

The figure covers remittances due to have
been paid to the Nigerian National
Petroleum Corporation, NNPC, which
holds 49 per cent shareholding in the
NLNG, on behalf of Nigeria.

The remaining equities are held by Dutch
firm, Shell, and its Italian counterpart, Eni/
Agip.

After weeks of being rebuffed by different
government agencies and the NLNG, over
requests for the details of the remittances to
Nigeria, PREMIUM TIMES arrived at the
figure based on an analysis of payments to
Agip, exclusively sourced by the paper.

The investigations showed that the Federal
Government, through the NNPC, earned
$11.8 billion (about N2.5 trillion) as
dividends from NLNG between 2004 and
2014.


Pioneer Status

The NLNG operated for at least 10 years
under a controversial tax freedom holiday,
called the pioneer status, which was
granted by the Nigerian government. The
incentive is usually given pioneer investors
in new sectors of the economy to
encourage more investments. In the case of
NLNG, it was to trigger investment in gas.


Even with the tax relief, the government
and other shareholders drew dividends
from NLNG during the period, but the
Nigerian authorities refused to provide
details of how much was paid from 2004,
under the Olusegun Obasanjo
administration.

Controversy over the money started in June
when the Nigerian Extractive Industry
Transparency Initiative, NEITI, announced that it had
uncovered that the NNPC failed to remit $11.6 billion
paid by the NLNG.

NEITI urged President Muhammadu Buhari to recover
the money.

In response, the NNPC spokesperson, Ohi Alegbe, said
the matter had already been referred to the Inter-
Ministerial Task Team (IMTT) for reconciliation and
resolution.

“At the last meeting of IMTT, it was resolved that the
Minister of Petroleum, Chairman of NEITI, Executive
Secretary of NEITI and the Group Managing Director of
NNPC should meet on the issue of NLNG dividends and
report back to IMTT.

“Unfortunately, that meeting has not held. However,
another meeting of IMTT is coming up next week and
the issue will be taken up from there. NEITI, as a
member of IMTT, is aware of the ongoing efforts to
reconcile and resolve the issue of NLNG dividend
remittance,” Mr. Alegbe said in a statement June 10.

He did not confirm or deny the amount in question.
By July, nearly a month later, the new federal
government said it was disbursing $2.1 billion out of the
NLNG funds to cash-strapped state governments to
enable them clear backlogs of salaries owed workers.


The distribution was the first time in Nigeria’s history. It
is the first time that funds from NLNG would be shared
between the federal and state governments.

The ruling All Progressives Congress accused the
previous PDP government of diverting past remittances,
an allegation denied by the PDP.

APC spokesperson, Lai Mohammed, said over $4 billion
of the NLNG money was outstanding.
In its response on July 12, the PDP said the party’s
previous administrations –from Obasanjo to Goodluck
Jonathan— deserved praise than rebuke for saving the
LNG funds for the new government.

The party’s spokesperson, Olisa Metuh, said since
NLNG had been on a “10-year tax haven” (he probably
meant tax holiday) until 2014, “successive governments,
right from President Olusegun Obasanjo never shared
nor tampered with the cumulative dividends over the
years”.

He said as of May 29, when Mr. Jonathan left office, the
NLNG dividend stood at a cumulative $5.6billion and
“not a single cent was ever taken from the funds”.

Denials

Repeated attempts by PREMIUM TIMES to confirm that
figure were rebuffed by all the relevant government
agencies.

The Corporate Communications manager of NLNG,
Tony Okonedo, said releasing the details to PREMIUM
TIMES would amount to a breach of confidentiality.

“Any details on the dividends we (NLNG) paid to
government, the best place to go is NNPC that received
it. For us, we are very clear on what we paid,” he said.

The NNPC told PREMIUM TIMES that the corporation
did not have any information on dividend payments by
NLNG.

“Your best bet for such information would be NLNG,
which made the payment,” Mr. Alegbe said.
Neither the NLNG nor the NNPC was forthcoming with
information on their annual report and financial
statements.

The ministry of finance and office of the accountant
general also refused to provide details.

Eni to the rescue

Regardless, PREMIUM TIMES sourced Eni’s financial
filings, and confirmed that the company received billions
of dollars as its due of dividend since 2004.

Eni owns 10.4 percent of NLNG, while Nigeria holds 49
percent stake.

A review of Eni’s consolidated financial statements
showed that the company received €2.319 billion ($2.5
billion) as total dividends billion between 2004 and 2014.

Eni received €72 million in 2004; €33 million in 2005,
€56 million in 2006; and €131 million in 2007.

The company also earned €453 million in 2008; €101
million in 2009; €188 million in 2010; €483 million in
2011; €331 million for 2012; €224 million in 2013, and
€247 million in 2014.

At 49 per cent, Nigeria’s dividend climbed to $11.8
billion. That is about N2.5 trillion.

The figure tallies with the $11.6 billion reported in
the Nigerian Extractive Industries Transparency Initiative
(NEITI) 2009-2012 Audit Report. The little difference
might be as a result of fluctuating exchange rate.


Still, there is a discrepancy as previous reports show that
the NLNG had announced in 2014 that it paid a total $13
billion as dividend to the government.

The firm’s managing director, Babs Omotowa, stated this
when the company celebrated its 3,000th LNG export
cargo in Abuja, in March.

He said Nigeria now owned $14 billion of assets on
Bonny Island; $13 billion in dividends, another $11
billion earned in feed gas sales revenue, over $10 billion
expenditure in local economy on goods, services and
salaries of thousands of staff employed.


www.premiumtimesng.com/news/headlines/187929-investigation-nigeria-earned-11-8bn-from-lng-not-5-6bn-claimed-by-pdp-jonathan-govt.html

The question is where is d money??

During the previous administration, things fell apart (Barcanista can bear witness); it's obvious things are falling in line now (Barcanista knows but can't say)!






Sai Baba! Keep going slow sir!

Nigeria, Nigeria, Nigeria. This country is in trouble. See how heartless these people are. Imagine what $11 billion will do for the poor masses.

Everywhere u sniff into the files of the GEJ govt,a foul stench of corruption pervades the air several miles off the files.
If I had d opportunity of interrogating GEJ, the only question I would ask him is this: 'were you sir under the influence of ogogoro or that thing under'?

Lalasticlala, please help me to fix this, using a mobile device and don't understand why the characters keep getting displaced.

Then do the needful to this awesome investigative report.

Thank you.

doctokwus:
Everywhere u sniff into the files of the GEJ govt,a foul stench of corruption pervades the air several miles off the files.
If I had d opportunity of interrogating GEJ, the only question I would ask him is this: 'were you sir under the influence of ogogoro or that thing under'?

Bakare said Jonathan was on a mission to bankrupt this nation- how right he was!

The investigations showed that the Federal Government, through the NNPC, earned $11.8 billion (about N2.5 trillion) as dividends from NLNG between 2004 and 2014

The Presidents between 2004 and 2014 were Segun Obasanjo aka APC Navigator (1999-2007), Umaru Yar'adua (2007- May 2010) and Goodluck Jonathan (May 2010-May 2015)

Even with the tax relief, the government and other shareholders drew dividends from NLNG during the period, but the Nigerian authorities refused to provide details of how much was paid from 2004, under the Olusegun Obasanjo
administration

That should be Obasanjo to answer. He should tell us how much NLNG paid to his administration

He (Metuh) said as of May 29, when Mr. Jonathan left office, the NLNG dividend stood at a cumulative $5.6billion and “not a single cent was ever taken from the funds”.

I challenge APC and Buhari to deny or refute this position with FACTS. Otherwise, Jonathan has no case to answer.

Also, how can APC say it was $2billion? What happens to the rest $3.6billion? Buhari should answer this.

It's good that NNPC now have a new set of management team who have been charged to rid the corporation off corruption. In the days ahead, we expect the new management to open the books of the corporation for proper scrutiny and expose all the rots that were perpetrated by the last regime.

By and large, Nigerians should continually be grateful for sending away the corruption ridden GEJ government. He and his cronies would have destroyed this country if we had made the mistake of voting him in for another four years.

omenka:
Bakare said Jonathan was on a mission to bankrupt this nation- how right he was!

As in, Gej deliberately supervised all these lootings! Thank God we got rid of his cluelessness.

[s]

omenka:
Nigeria earned at least $11.8 billion as
dividends from the Nigerian Liquefied
Natural Gas Company, and not $5.6 billion
as claimed by former Nigerian
governments led by the People’s
Democratic Party, PREMIUM TIMES can
confirm today.

The figure covers remittances due to have
been paid to the Nigerian National
Petroleum Corporation, NNPC, which
holds 49 per cent shareholding in the
NLNG, on behalf of Nigeria.

The remaining equities are held by Dutch
firm, Shell, and its Italian counterpart, Eni/
Agip.

After weeks of being rebuffed by different
government agencies and the NLNG, over
requests for the details of the remittances to
Nigeria, PREMIUM TIMES arrived at the
figure based on an analysis of payments to
Agip, exclusively sourced by the paper.

The investigations showed that the Federal
Government, through the NNPC, earned
$11.8 billion (about N2.5 trillion) as
dividends from NLNG between 2004 and
2014.


Pioneer Status

The NLNG operated for at least 10 years
under a controversial tax freedom holiday,
called the pioneer status, which was
granted by the Nigerian government. The
incentive is usually given pioneer investors
in new sectors of the economy to
encourage more investments. In the case of
NLNG, it was to trigger investment in gas.


Even with the tax relief, the government
and other shareholders drew dividends
from NLNG during the period, but the
Nigerian authorities refused to provide
details of how much was paid from 2004,
under the Olusegun Obasanjo
administration.

Controversy over the money started in June
when the Nigerian Extractive Industry
Transparency Initiative, NEITI, announced that it had
uncovered that the NNPC failed to remit $11.6 billion
paid by the NLNG.

NEITI urged President Muhammadu Buhari to recover
the money.

In response, the NNPC spokesperson, Ohi Alegbe, said
the matter had already been referred to the Inter-
Ministerial Task Team (IMTT) for reconciliation and
resolution.

“At the last meeting of IMTT, it was resolved that the
Minister of Petroleum, Chairman of NEITI, Executive
Secretary of NEITI and the Group Managing Director of
NNPC should meet on the issue of NLNG dividends and
report back to IMTT.

“Unfortunately, that meeting has not held. However,
another meeting of IMTT is coming up next week and
the issue will be taken up from there. NEITI, as a
member of IMTT, is aware of the ongoing efforts to
reconcile and resolve the issue of NLNG dividend
remittance,” Mr. Alegbe said in a statement June 10.

He did not confirm or deny the amount in question.
By July, nearly a month later, the new federal
government said it was disbursing $2.1 billion out of the
NLNG funds to cash-strapped state governments to
enable them clear backlogs of salaries owed workers.


The distribution was the first time in Nigeria’s history. It
is the first time that funds from NLNG would be shared
between the federal and state governments.

The ruling All Progressives Congress accused the
previous PDP government of diverting past remittances,
an allegation denied by the PDP.

APC spokesperson, Lai Mohammed, said over $4 billion
of the NLNG money was outstanding.
In its response on July 12, the PDP said the party’s
previous administrations –from Obasanjo to Goodluck
Jonathan— deserved praise than rebuke for saving the
LNG funds for the new government.

The party’s spokesperson, Olisa Metuh, said since
NLNG had been on a “10-year tax haven” (he probably
meant tax holiday) until 2014, “successive governments,
right from President Olusegun Obasanjo never shared
nor tampered with the cumulative dividends over the
years”.

He said as of May 29, when Mr. Jonathan left office, the
NLNG dividend stood at a cumulative $5.6billion and
“not a single cent was ever taken from the funds”.

Denials

Repeated attempts by PREMIUM TIMES to confirm that
figure were rebuffed by all the relevant government
agencies.

The Corporate Communications manager of NLNG,
Tony Okonedo, said releasing the details to PREMIUM
TIMES would amount to a breach of confidentiality.

“Any details on the dividends we (NLNG) paid to
government, the best place to go is NNPC that received
it. For us, we are very clear on what we paid,” he said.

The NNPC told PREMIUM TIMES that the corporation
did not have any information on dividend payments by
NLNG.

“Your best bet for such information would be NLNG,
which made the payment,” Mr. Alegbe said.
Neither the NLNG nor the NNPC was forthcoming with
information on their annual report and financial
statements.

The ministry of finance and office of the accountant
general also refused to provide details.

Eni to the rescue

Regardless, PREMIUM TIMES sourced Eni’s financial
filings, and confirmed that the company received billions
of dollars as its due of dividend since 2004.

Eni owns 10.4 percent of NLNG, while Nigeria holds 49
percent stake.

A review of Eni’s consolidated financial statements
showed that the company received €2.319 billion ($2.5
billion) as total dividends billion between 2004 and 2014.

Eni received €72 million in 2004; €33 million in 2005,
€56 million in 2006; and €131 million in 2007.

The company also earned €453 million in 2008; €101
million in 2009; €188 million in 2010; €483 million in
2011; €331 million for 2012; €224 million in 2013, and
€247 million in 2014.

At 49 per cent, Nigeria’s dividend climbed to $11.8
billion. That is about N2.5 trillion.

The figure tallies with the $11.6 billion reported in
the Nigerian Extractive Industries Transparency Initiative
(NEITI) 2009-2012 Audit Report. The little difference
might be as a result of fluctuating exchange rate.


Still, there is a discrepancy as previous reports show that
the NLNG had announced in 2014 that it paid a total $13
billion as dividend to the government.

The firm’s managing director, Babs Omotowa, stated this
when the company celebrated its 3,000th LNG export
cargo in Abuja, in March.

He said Nigeria now owned $14 billion of assets on
Bonny Island; $13 billion in dividends, another $11
billion earned in feed gas sales revenue, over $10 billion
expenditure in local economy on goods, services and
salaries of thousands of staff employed.


www.premiumtimesng.com/news/headlines/187929-investigation-nigeria-earned-11-8bn-from-lng-not-5-6bn-claimed-by-pdp-jonathan-govt.html

[/s]

TRASH FROM A TRASH

Cc: Seun, Lalasticlala

MichaelSokoto:
Cc: Seun, Lalasticlala

"you need transformation in your life". Quote me anywhere.

MichaelSokoto:
Cc: Seun, Lalasticlala

Evening Lala.

OZAOEKPE:
"you need transformation in your life". Quote me anywhere.

Hian!

Both the OP and anyone who believes this calumny of lies needs to stop smoking Marijuana. When this party is tired of conducting GLADIATOR DISTRACTIONS, they should try something new like GOVERNANCE.

Both the OP and anyone who believes this calumny of lies needs to stop smoking Marijuana. When this party is tired of conducting GLADIATOR FIGHTS, they should try something new like GOVERNANCE.

TonyeBarcanista, over to you.