CBN – WITHDRAWALS FROM NLNG DIVIDEND ACCOUNT HIT $3.2BN IN THREE YEARS

CBN – WITHDRAWALS FROM NLNG DIVIDEND ACCOUNT HIT $3.2BN IN THREE YEARS

Originally published on November 23, 2018

Documents submitted on Thursday by the Central Bank of Nigeria (CBN) to the Senate Committee on Gas Resources have revealed that twenty-two withdrawals totalling $3.12 billion were made from the Nigerian Liquefied Natural Gas (NLNG) dividend account in three years.

The figures were read out by the Chairman of the committee, Sen. Bassey Akpan, when CBN and the Nigerian National Petroleum Corporation (NNPC) officials appeared before the committee.

NAN reports that the committee was investigating the withdrawal of 1.05 billion dollars from the NLNG dividend account admitted by the NNPC that it used it to “augment under-recoveries” in the importation of petrol.

The gas firm (NLNG) is a joint venture owned by the NNPC which has 49 percent share, and three international oil companies comprising Shell with 25.6 percent, Total with 15 percent and Eni with 10.4 percent.

The lawmakers are angry that NNPC took the decision beyond its capacity to unilaterally withdraw from the NLNG dividend account without notifying the National Assembly or any tiers of government.

PoliticsNigeria