Reps To Probe Alleged Non-Reporting, Non-Remittance Of Equity Liquefied Natural Gas (LNG) To NNPC Limited

By Alkassim Bala Tsakuwa, Abuja

The House of Representatives has mandated its Committee on Gas Resources to investigate the operations, financial reporting, and remittances of NNPC LNG Limited with respect to NLNG and report within four (4) weeks for further legislative action.

This followed the adoption of a motion by Hon. Nnamdi Ezechi at the Plenary on Wednesday.

Presenting the motion, he noted that, the Nigeria Liquefied Natural Gas Limited (NLNG) was incorporated in 1989 as a joint venture between the Nigerian National Petroleum Company (NNPC Limited), Shell, TotalEnergies and Eni, with NNPC Limited holding the largest equity share of 49%.

He further informed that, NNPC LNG Limited was incorporated in 2012 in the Cayman Island as a subsidiary of NNPC Limited to manage the sale of Liquefied Natural Gas (LNG) on behalf of the group.

He lamented that, “The financial transactions, statements, and operations of NNPC LNG Limited in the Caymans have not been transparently reported to either NNPC Limited or LNG, resulting in potential non-remittance of dividends, taxes, and other statutory payments due to the Federal Government of Nigeria.

“Certain deductions are allegedly being made from NLNG proceeds, including from the sale of Liquefied Natural Gas known as Equity LNG, without the formal notification, disclosure, or approval of the Federal Government, thereby raising serious concerns of financial impropriety and potential loss of national revenue”.