The Nigerian Liquefied Natural Gas (NLNG) has remitted more than $6.5 billion in taxes to Federal Inland Revenue Service (FIRS) since 2009.

Mr Tony Attah, Managing Director of NLNG, said at the investigative hearing into the proposed sale of the company held by the House of Representatives Committee on Gas Resources, in Abuja.

The hearing was on the need to investigate contract for modification of Escravos Gas Project (EGP) 3B production platform, following the joint ventures agreement between the Nigerian National Petroleum Corporation and Chevron Nigeria Limited.

It is also on the investigation into the contract for the upgrade of OML 58 Upgrade 1 and the building of Obote/Ubeta/Rumuji pipeline.

According to him, since the N LNG became a tax-paying company its contributions are helping to build a better Nigeria even though it does more than financial contribution.

“As a result of Nigeria LNG being in existence, we have helped to reduce gas flaring by more than 65 per cent and will continue to work with our upstream suppliers to mop-up more.

“This is because we produce the opportunity as the biggest gas sink for whatever gas is provided in the country. We have the capacity to receive that gas but I think by far the biggest opportunity is in Nigeria’s brand and reputation.

“Before NLNG, Nigeria was actually No. 2 on the undesired league of gas flaring nations in the world.

“But today, we are No. 7 ahead of other countries such as United States, I mean, United States is flaring more than Nigeria,” Attah said.

He added that the company was spending about $120 million on the construction of Bonny-Bono Road which will connect Bonny to Port Harcourt, slated for completion within 40 months.

On the development plans of the company, Attah unveiled the company’s plan to embark on 6 billion US dollars capacity development project for the Train 7, which had potential of creating 12,000 new jobs in the Niger Delta region.

“The big deal for us in Nigeria LNG is growing capacity. Currently we have six Trains with 22 million tonnes per annum capacity which is 7 per cent of global market share of LNG.

“We want to grow back to the 10 per cent which was what it was before. So we want to grow by about 35 per cent capacity before Australia.

“We want to grow by about 355 capacity, that will come via Train 7 project for which we have commenced the engineering design and we are looking forward to take a final investment decision not too long.’’

He also said NLNG had remitted more than 100 billion US dollars’ as revenue to the coffers of Federal Government and other equity holders in the company.

According to Attah, Federal Government through Nigerian National Petroleum Corporation (NNPC) which owned 49 per cent equity got more than $15 billion dividends.

He said that this positioned the company as the singular highest tax paying company in Nigeria and indeed Africa.

Attah added that other shareholders such as Shell Gass BV owned 25.6 per cent US dollars, Total owned 15 per cent while ENI International owned 10.4 per cent.

On the company’s efforts towards reducing gas flaring in the country, Attah said that a lot of its contributions to the country is monetary, adding that more than $100 billion revenue and about $15 billion dividends had gone to the Federal Government directly.

Contributing, Rep, Randoff Brown (PDP-Rivers) noted that NLNG was the most significant arrow-head of the Federal Government’s quest to eliminate gas flaring and derives value from the country’s 187 trillion cubic feet of proven gas reserves.

“NLNG has covered about 119 Bcm (million standard cubic metres) or 4.2tcf (trillion cubic feet) of associated gas to export as LNG and natural gas liquids thus helping to reduce gas flaring by upstream companies from over 60 per cent to less than 25 per cent.

“NLNG mops up gas that would otherwise be flared, thus making significant contributions to the nation’s income, delivering in the last 13 years over 13 billion dollars on gas purchases from oil producing companies, of which the Federal Government of Nigeria owns 55 per cent – 60 per cent CIT and other taxes,” he said.

Also speaking, Rep. Diri Douye (PDP-Bayelsa), who sponsored the motion on the need to investigate the contract for the modification of the EGP 3B Production platform following the joint venture agreement between Federal Government, NNPC and Chevron Nigeria Limited, frowned at the delay in the completion of the project.

According to him, modification work on all the seven platforms was meant to have been completed by April 31, 2013 at the rate of 64,179,198 US dollars but it was eventually concluded in 2016 at a reviewed cost of 192.7 million dollars.

“The implication being that, whereas, it was awarded the contract on the basis of being the lowest bid it eventually became the highest bid.

“It is also alleged that Prime Source Limited (PSL) was poorly resourced in manpower, logistics, equipment and funding to undertake a job of such description.

“It is also instructive to note that PSL bid for the contract alongside a consortium, i.e Prime Source-Hensteel SOMECO, however, the contract was solely awarded in the name of PSL,’’he said.

While ruling,chairman, House Committee on Gas Resources, Rep. Frederick Agbedi, tasked the company on the need to replicate its model for the country to take its rightful position in the global market and the implementation of developmental projects.

“We join the elders of the Niger Delta, and we are not in support of any contemplation to sell off NLNG.

“The shares held by NNPC on behalf of the country, the people of Nigeria have vested interests in the company, so they are not shares that any government can take in whatever guise.

“You don’t play politics with such investment even if that is the only revenue we can rely on as a nation.

“On that note, the committee will step down the motion for the committee’s consideration. On the other two motions, we are frustrated by the position of the NNPC,” Agbedi said.

Agbedi then expressed concern over the absence of Mr Maikanti Baru, the NNPC Group Managing Director at the hearing.

The committee, however, resolved to adjourn sine die, till the NNPC helmsman appears in person to respond to queries on the 114.580 million US dollars variation on the modification of the EGP 3B Production platform. (NAN)

The Nigerian Liquefied Natural Gas (NLNG) has remitted more than $6.5 billion in taxes to Federal Inland Revenue Service (FIRS) since 2009.

Mr Tony Attah, Managing Director of NLNG, said at the investigative hearing into the proposed sale of the company held by the House of Representatives Committee on Gas Resources, in Abuja.

The hearing was on the need to investigate contract for modification of Escravos Gas Project (EGP) 3B production platform, following the joint ventures agreement between the Nigerian National Petroleum Corporation and Chevron Nigeria Limited.

It is also on the investigation into the contract for the upgrade of OML 58 Upgrade 1 and the building of Obote/Ubeta/Rumuji pipeline.

According to him, since the N LNG became a tax-paying company its contributions are helping to build a better Nigeria even though it does more than financial contribution.

“As a result of Nigeria LNG being in existence, we have helped to reduce gas flaring by more than 65 per cent and will continue to work with our upstream suppliers to mop-up more.

“This is because we produce the opportunity as the biggest gas sink for whatever gas is provided in the country. We have the capacity to receive that gas but I think by far the biggest opportunity is in Nigeria’s brand and reputation.

“Before NLNG, Nigeria was actually No. 2 on the undesired league of gas flaring nations in the world.

“But today, we are No. 7 ahead of other countries such as United States, I mean, United States is flaring more than Nigeria,” Attah said.

He added that the company was spending about $120 million on the construction of Bonny-Bono Road which will connect Bonny to Port Harcourt, slated for completion within 40 months.

On the development plans of the company, Attah unveiled the company’s plan to embark on 6 billion US dollars capacity development project for the Train 7, which had potential of creating 12,000 new jobs in the Niger Delta region.

“The big deal for us in Nigeria LNG is growing capacity. Currently we have six Trains with 22 million tonnes per annum capacity which is 7 per cent of global market share of LNG.

“We want to grow back to the 10 per cent which was what it was before. So we want to grow by about 35 per cent capacity before Australia.

“We want to grow by about 355 capacity, that will come via Train 7 project for which we have commenced the engineering design and we are looking forward to take a final investment decision not too long.’’

He also said NLNG had remitted more than 100 billion US dollars’ as revenue to the coffers of Federal Government and other equity holders in the company.

According to Attah, Federal Government through Nigerian National Petroleum Corporation (NNPC) which owned 49 per cent equity got more than $15 billion dividends.

He said that this positioned the company as the singular highest tax paying company in Nigeria and indeed Africa.

Attah added that other shareholders such as Shell Gass BV owned 25.6 per cent US dollars, Total owned 15 per cent while ENI International owned 10.4 per cent.

On the company’s efforts towards reducing gas flaring in the country, Attah said that a lot of its contributions to the country is monetary, adding that more than $100 billion revenue and about $15 billion dividends had gone to the Federal Government directly.

Contributing, Rep, Randoff Brown (PDP-Rivers) noted that NLNG was the most significant arrow-head of the Federal Government’s quest to eliminate gas flaring and derives value from the country’s 187 trillion cubic feet of proven gas reserves.

“NLNG has covered about 119 Bcm (million standard cubic metres) or 4.2tcf (trillion cubic feet) of associated gas to export as LNG and natural gas liquids thus helping to reduce gas flaring by upstream companies from over 60 per cent to less than 25 per cent.

“NLNG mops up gas that would otherwise be flared, thus making significant contributions to the nation’s income, delivering in the last 13 years over 13 billion dollars on gas purchases from oil producing companies, of which the Federal Government of Nigeria owns 55 per cent – 60 per cent CIT and other taxes,” he said.

Also speaking, Rep. Diri Douye (PDP-Bayelsa), who sponsored the motion on the need to investigate the contract for the modification of the EGP 3B Production platform following the joint venture agreement between Federal Government, NNPC and Chevron Nigeria Limited, frowned at the delay in the completion of the project.

According to him, modification work on all the seven platforms was meant to have been completed by April 31, 2013 at the rate of 64,179,198 US dollars but it was eventually concluded in 2016 at a reviewed cost of 192.7 million dollars.

“The implication being that, whereas, it was awarded the contract on the basis of being the lowest bid it eventually became the highest bid.

“It is also alleged that Prime Source Limited (PSL) was poorly resourced in manpower, logistics, equipment and funding to undertake a job of such description.

“It is also instructive to note that PSL bid for the contract alongside a consortium, i.e Prime Source-Hensteel SOMECO, however, the contract was solely awarded in the name of PSL,’’he said.

While ruling,chairman, House Committee on Gas Resources, Rep. Frederick Agbedi, tasked the company on the need to replicate its model for the country to take its rightful position in the global market and the implementation of developmental projects.

“We join the elders of the Niger Delta, and we are not in support of any contemplation to sell off NLNG.

“The shares held by NNPC on behalf of the country, the people of Nigeria have vested interests in the company, so they are not shares that any government can take in whatever guise.

“You don’t play politics with such investment even if that is the only revenue we can rely on as a nation.

“On that note, the committee will step down the motion for the committee’s consideration. On the other two motions, we are frustrated by the position of the NNPC,” Agbedi said.

Agbedi then expressed concern over the absence of Mr Maikanti Baru, the NNPC Group Managing Director at the hearing.

The committee, however, resolved to adjourn sine die, till the NNPC helmsman appears in person to respond to queries on the 114.580 million US dollars variation on the modification of the EGP 3B Production platform. (NAN)

http://www.akelicious.net/2018/08/nlng-remits-65b-as-tax-to-firs.html

That's MASSIVE in 9 years.

That's a lot of money, what does the FG do with all these tax revenue?

Useless country

So they have not been paying taxes?

One of the few company's where government has a hand that is actually doing well. This is so because it is not solely owned by Nigeria. Leave it solely for Nigeria,the sharks will have turned it to another Ajaokuta(drain pipe).What became of the paid up taxes is another sad issue.

All these taxes and Nigeria is still under developed. Who swore for us

Our ancestors or our own making

Where all ds money dey enter... Nigeria is a scam

NNPC nko?

Can somebody please tell me what the innefectual baboon did with his part of the money?

For people asking what the government is doing with the money,if you guys know the kind of corruption going on in the oil industry,you will weep.
now Buhari is saying he is not going to sign the PIB which is meant to unravel the atrocities going on.

and who brought us to this level only God knows when we will use tax money for development.

I rep NLNG
I rep NIGERIA

ALLAH BLESS NIGERIA.

Hmmm!!

NOETHNICITY:
Can somebody please tell me what the intellectual baboon do with his part of the money?

U mean the intellectual Dullarkpo? AKA Dullardic fossil?

Just that amount.

Let Oloyede replace the director.

Don't tell me Oloyede knows nothing about NLNG am ok if he only knows how to remit billions into federal account

Yet we are poor

NLGN is a good initiative by past administrations yet they always say they have done nothing.

No Niger Delta, no Nigeria.

NOETHNICITY:
Can somebody please tell me what the intellectual baboon do with his part of the money?

You know the gas business is very gassy

I rep NLNGI rep NIGERIA ALLAH BLESS NIGERIA.

nony43:
So they have not been paying taxes?

Oga it's like you can't read abi?

aguiyi2:
One of the few company's where government has a hand that is actually doing well. This is so because it is not solely owned by Nigeria. Leave it solely for Nigeria,the sharks will have turned it to another Ajaokuta(drain pipe).What became of the paid up taxes is another sad issue.

Ajaokuta and Delta Steel. Very painful. Thank God for Shell and the other IOCs in Nigeria LNG

thegreengooner:


Oga it's like you can't read abi?

My Oga early morning like dis u don dey here.

FIRS is an organisation i wish to work for. Taxes are shared among workers and not remitted.

Colourich:
That's a lot of money, what does the FG do with all these tax revenue?

Ask the looters club, headed by GEJ.

I guess he should know exactly what they did with the money

Thank God APC have killed PDP if not this country...

all from niger delta,meanwhile they have not paid 13% derivation on it.Nigeria cannot survive without niger delta.

Colourich:
That's a lot of money, what does the FG do with all these tax revenue?

And our foreign reserve is just 40bn $ oh. This country sha..

Lol

post=70736878:
That's MASSIVE in 9 years.

Lol
Oga, stop famzin
U did not understand this news at all
This is not pdp or APC issue

ascholani09:
I rep NLNG
I rep NIGERIA

ALLAH BLESS NIGERIA.

Why won't allah bless Nigeria?

If the north were to be producing the oil and gas, it would have been allah bless arewa

Niger delta is feeding you all...

Argue with your keypad

airsaylongcon:

Ajaokuta and Delta Steel. Very painful. Thank God for Shell and the other IOCs in Nigeria LNG


My Oga early morning like dis u don dey here.

Truth is that the market for the steel is not in Africa.
Where do u want to sell the steel from ajaokuta?

Export to Asia? At what cost? When they have it there already? Nobody is investing in that poo mill in Nigeria.

You don't create a market before consumption. You create consumption before the market

Until we start intensive steel usage in West Africa, any steel mill is waste of time.

deepwater:


Lol
Oga, stop famzin
U did not understand this news at all
This is not pdp or APC issue

Lol .
We'll let it slide, we'll take it that you didn't see where we wrote 9 years!