NLNG pays $904.5m dividend to NNPC

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he Nigerian Liquefied Natural Gas, NLNG, has paid $904.5 million, an equivalent of N280.4 billion, as dividends to the Nigerian National Petroleum Corporation, NNPC, for its 2018 financial year.

The amount is 36.2 per cent of the $2.5 billion the Federal Government is currently seeking to borrow from the World Bank.

According to reports obtained from the NLNG, the dividends payment made to the NNPC was for its 49 per cent stake in the NLNG.

The NNPC received the money on behalf of the Nigerian federation. The money was paid to the NNPC between the first and second quarter of 2019.

The dividends paid to the NNPC in 2018 was 13.33 per cent higher than the $798.14 million, about N247.42 billion, dividends paid to the corporation by the NLNG for its 2017 fiscal year.

According to the documents, the NNPC had received total dividends of $17.407 billion from 2004 to 2018. Though this amount had been subject of controversy, as the Nigerian Extractive Industries Transparency Initiative, NEITI, had consistently accused the NNPC of diversion of the funds instead of remitting same to the Federation Account.

The NLNG recorded total revenue of $6.87 billion in the 2018 financial year, while its $372.82 million on capital investments, while the report further stated that the NLNG expended $990.42 million on the purchase of gas from the NNPC in 2018, compared to $835.58 billion recorded in 2017.

The NLNG also paid in to an escrow account $148.622 million for the purchase of gas in 2018; while $864.074 million and $34.85 million was paid as Company Income Tax, CIT/Education Tax, and Pay As You Earn, PAYE respectively in 2018, compared to $606.67 million and $15.04 million respectively in 2017.

The NLNG, the report also revealed, also paid $195.52 million as withholding tax, compared to $173.84 million in 2017; $23.62 million as Value Added Tax, compared with $23.16 million in 2017; while taxes to states and local government areas stood $729,346.16, compared to $764,357.19 in 2017.

The report further noted that the NLNG paid $41.986 million for regulatory fees and levies, among others, while it paid $460.44 million to local contractors for goods and services in 2018, compared to $509.17 million in 2017.

Giving a breakdown of payments to various government agencies for licences and fees, the report noted that the NLNG paid $192.34 million and $12.58 million for state and local government levies; while payments to the Department of Petroleum Resources, DPR, stood at $66.57 million.

Payments by the NLNG to the Nigerian Ports Authority, NPA, Standards Organisation of Nigeria, SON, Niger Delta Development Commission, NDDC and other ministries, department and agencies, MDA, stood at $126,617.18, $41,076.51, $34.67 million and $672,727.69 respectively.

The NLNG, the report noted, also paid $23,309 and $6.38 million for other fees and permits and customs duties respectively.

The Nigeria Liquefied Natural Gas Company, NLNG, had announced SCD Joint Venture, JV, Consortium, comprising Saipem of Italy, Japan’s Chiyoda and Daewoo of South Korea, has emerged the preferred bidder for its Liquefied Natural Gas Train 7 project.

With the presentation of the Letter of Intent to the SCD JV Consortium by the NLNG, the group had been awarded the contract to undertake the Engineering, Procurement and Construction, EPC, for the Train 7 project.

The NLNG explained that with the issuance of the Letter of Intent, the NLNG was now closer to the signing of the Final Investment Decision, FID, of the Train 7 project, which he disclosed would be attained before the end of October.

It disclosed that the company had concluded arrangements to ensure that after the signing of the FID, the project would be completed within four to five years, as this would be critical to it remaining competitive and profitable in the global market.

The NLNG said the Train 7 is the company’s sure way to attaining the 35 per cent increase in its production capacity, from 22 million tonnes per annum, MTPA, to 30 MTPA.

The company noted that at construction phase, the NLNG Train 7 project would attract an investment of over $7 billion; boost Foreign Direct Investment, FDI, profile of the country, and provide about 10,000 jobs during the construction stage.

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