NNPC ‘Blew’ NLNG’s $1.05 Billion Dividend On Fuel Import – Senate
The Nigeria Liquefied Natural Gas, NLNG, is a joint venture between the Nigerian government and some international oil companies.
Of course NLNG is making profits and each year it pays part of the profits due to the government to the Nigerian National Petroleum Corporation, NNPC.
The one received for this year, a $1.05 billion dividend said to be missing but the Senate committee that investigated it has confirmed that the money was used by the corporation to support fuel import.
The NNPC recently became the sole importer of the product.
According to a statement signed by the NNPC's spokesman, Ndu Ughamadu, the funds were used to support the importation of petroleum products into Nigeria.
“The Chairman of the Senate Committee on Gas, Senator Bassey Albert, on Thursday in Abuja, clarified that the ongoing investigation of the application of $1.05 billion Nigeria Liquefied Natural Gas (NLNG) dividend to support the importation of petroleum products into the country has nothing to do with any missing funds since no such money was missing in the first place,” the statement read.
Albert, who doubles as the chairman of the senate committee on the application of the NLNG dividend, explained that the clarification became necessary due to sensational and misleading reports in some sections of the media.
He said the mandate of the committee was to determine the instrument under which NNPC relied upon to affect the said withdrawal and subsequent application of the NLNG dividend to meet pressing national demand for fuel supply, noting that the committee relies on NNPC to provide informed perspective on the issues.
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