Thursday, 11 June 2015

NNPC: $11.6bn Dividends: Reconciliation Ongoing With Inter-ministerial Team

The Nigerian National Petroleum Corporation (NNPC) has clarified the circumstances surrounding the reported non-remittance of the $11.6
billion Liquefied Natural Gas (LNG) dividends.

This follows disclosure by the Nigerian Extractive Industries Transparency Initiative (NEITI) that the Corporation was yet to remit an outstanding $11.6 billion into the federation account as uncovered by its 2012 oil and gas audit.

A statement by the Corporation yesterday however, disclosed that contrary to the impression created by NEITI that “nothing was being done to get the money remitted, the matter has since been referred to the Inter-Ministerial Task Team (IMTT) for reconciliation and resolution.”

The statement signed by the NNPC spokesman Ohi Alegbe noted that “At the last meeting of the 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 LNG dividends and report back to the IMTT.

“Unfortunately, that meeting has not held, however, another meeting of the IMTT is coming up next week and the issue will be taken up from there,” the Corporation said in the statement.

It added further that NEITI as a member of the IMTT was aware of ongoing efforts to reconcile and resolve the issue of NLNG dividend remittance.

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