Senate directs AGF to probe $18b NLNG dividend

By Sanni Onogu, Abuja

Senate Joint Committee on Finance and National Planning has directed the Accountant-General of the Federation (AGF), Ahmed Idris, to investigate the payment of $18.323billion being dividends accrued to the country from the Nigeria Liquified Natural Gas (NLNG) Limited between 2004 and 2020.

Chairman of the Committee, Senator Solomon Adeola, gave the directive following disclosures from NLNG officials during the panel’s stakeholders’ interactive session on the 2021-2023 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), in Abuja.

According to a statement by his Special Adviser on Media, Kayode Odunaro, in Abuja, the AGF was mandated to investigate the cash which was actually remitted to the Nigerian National Petroleum Corporation (NNPC) and how much was actually remitted to the Federation Account.

The AGF was also to determine if there was any deduction by NNPC, how much was deducted and who authorised the deductions as well as the exchange rates that applied for the amount that was remitted over the years under reference.

The General Manager (External Relations and Sustainable Development) at  NLNG, Mrs. Eyono Fatai-William, had presented a financial summary of the  company from 1999-2019 and said the NLNG had paid a dividend of over $18 billion to Nigeria between 2004 and 2019.

Fatai-William also insisted that the NLNG is committed to a culture of transparency and integrity.

A summary of the dividends paid by NLNG so far, according to Fatai-William’s presentation include $278,860,715.00 for 2004; $57,425460.17(2005); $332,979,540.83(2006); $842,956,858.80(2007); $2,613,170,000(2008); $848,680,000 (2009) and $1,401,400,000 for 2010.

Others are: $2,509,780,000(2011); $2,768,990(2012); $1,260,704,340(2013); $1,389,908,436.93 (2014); $1,043,764,965.12 (2015), 2016($356,126,898.40 (2016); $798,140,840.45 (2017); $904,498,502.96 (2018) and  $915,645,702.33 (2019).

However, when Adeola asked Idris to confirm if the dividend was actually paid into the Federation Account, he said it was difficult to immediately determine if it had been paid because the dividend is usually paid to the NNPC – that represents the Federal Government in the NLNG.

Adeola, therefore, directed the Accountant-General to investigate the payment and report to the Senate within two weeks. Nigeria has about 53 per cent shares in the NLNG, according to the statement.