Report Reveals NLNG Paid Buhari Regime $5.3bn Dividend

The Federal Authorities has acquired about $5.28bn as dividends from the Nigeria Liquefied Pure Gasoline Restricted (NLNG) underneath the regime of President Muhammadu Buhari.

The most recent information contained within the Info and Figures 2022 report of the NLNG, obtained in Abuja on Sunday, confirmed that other than dividend funds to the Federal Authorities, the fuel firm additionally remitted varied funds in taxes, charges, levies, and so on.

The NLNG is owned by 4 shareholders, specifically, the Federal Authorities of Nigeria, represented by Nigerian Nationwide Petroleum Firm Restricted (49 per cent), Shell (25.6 per cent), TotalEnergies Gaz and Electricite Holdings France (15 per cent) and Eni (10.4.per cent).

The corporate has two subsidiaries, together with Bonny Gasoline Transport Restricted and NLNG Ship Administration Restricted.

An evaluation of the report indicated that the $5.28bn dividend was remitted to the Federal Authorities by the NNPC between 2015 and 2021, as figures for 2022 had been at the moment being computed.

The fuel firm paid a dividend of $1.04bn to the Federal Authorities in 2015, whereas in 2016, 2017 and 2018, it remitted $356.13m, $798.14m and $904.5m respectively.

In 2019, 2020 and 2021, the Federal Authorities, by its nationwide oil firm, acquired $915.65m, $545.13m and $722.44m respectively as dividends from the NLNG.

A summation of the full dividend funds in the course of the seven-year interval indicated that the Federal Authorities, underneath Buhari, obtained $5.28bn from the worldwide fuel firm.

The report additionally said that the NLNG had paid dividends of over $40bn because it commenced operations in Nigeria in 1999, out of which 49 per cent went to the Federal Authorities, courtesy of its shareholding within the firm, by way of the Nigerian Nationwide Petroleum Firm Restricted.

It said that in 2021, the corporate’s company revenue tax, together with tertiary schooling tax, paid to the Federal Authorities, amounted to about $427m, including that the price of the belongings (i.e. property, plant, and gear) of the agency was about $19bn.

In response to the report, 51 per cent stake in NLNG was owned by worldwide oil firms and 49 per cent belonged to the nation by the Nigerian Nationwide Petroleum Firm Restricted.

Knowledge from the report confirmed that cost to Joint Enterprise feed fuel (pure fuel) suppliers from inception until date was about $32bn, including that 55 to 60 per cent of such funds went to the Federal Authorities.

The NLNG Restricted has long-term Gasoline Provide Agreements with three Joint Ventures for the provision of pure fuel (feedgas) to the plant. These JVs are Shell Petroleum Growth Firm of Nigeria Restricted, TotalEnergies and Nigerian Agip Oil Firm Restricted.

Commenting on the dividends remitted to the federal government by the fuel firm, the Deputy Nationwide President, Unbiased Petroleum Entrepreneurs Affiliation of Nigeria, Zarma Mustapha, advised our correspondent that the NLNG had been supporting the Federal Authorities in some ways.

“It’s a welcome growth, and the NLNG has been doing loads by way of contributing to the purse of the Federal Authorities. Additionally, it should be identified that the strategic modifications on the NNPC have supported in income drive for each NNPC and NLNG,” he said.

He suggested that Nigeria’s refineries ought to be modelled and run just like the NLNG, as this is able to guarantee their profitability and sustainability, in addition to make the amenities ship optimally.