NEITI Audit Says NNPC Yet to Remit $12.9bn NLNG Earnings

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Chineme Okafor in Abuja

Details from the 2013 audit and financial report of activities in Nigeria’s oil and gas industry done by the Nigeria Extractive Industries Transparency Initiative (NEITI) have disclosed that the Nigerian National Petroleum Corporation (NNPC) has not remitted $12.9 billion it received from the Nigeria Liquefied Natural Gas (NLNG) to the government.

The report was presented on Monday in Abuja by the Minister of Solid Minerals Development, and chair of the NEITI board, Dr. Kayode Fayemi.

It said the shortfall of the remittance of the NLNG from NNPC to the federation account was from 2005 to 2013, a period of eight years.

It noted that as at 2013 which the report focused on, the state oil firm did not remit $1.289 billion it got from the NLNG.

NNPC, it said, acknowledged receipt of the sum from NLNG.

The report alleged that as at the time it was signed off, there were no traces of NNPC’s remittance of the sum into the federation account or to the government.

“The audit revealed that Nigeria Liquefied Natural Gas (NLNG) paid the sum of $1.289 billion as dividends, interest and loan repayment for 2013. NNPC acknowledged receipt of this amount but did not remit it to either the federal government or the federation,” said Fayemi in his disclosure of the audit highlights.

He further said: “However, it is important to also note that the 2013 figure brings to $12.9 billion the total NLNG payments received by NNPC between 2005 and 2013 but not remitted by NNPC to the federal government or the federation.”

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