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LequteMan
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Nigeria - There are current controversies surrounding the retention of dividends paid by the Nigeria Liquefied Natural Gas (NLNG) Company Limited to the Nigerian National Petroleum Corporation (NNPC).
According to THISDAY, recent developments has shown that the initial directive to retain its 49 per cent share of dividends was actually given by former President Olusegun Obasanjo when he was in office.
Arising from this is another brewing controversy as to whether the dividends belong to the Federation Account for sharing amongst the three tiers of government, or just to the federal government, in this case the NNPC.
The previous management of NNPC when Obasanjo was in office had argued successfully that while the taxation revenues of NLNG belong to the Federation Account, the dividends belong to NNPC, which needed the dividend payments to reinvest in the new trains of NLNG.
It was on this basis that Obasanjo ruled in their favour and the Jackson Gaius-Obaseki-led NNPC then ring fenced the dividends in a special (investment) account and used it to successfully reinvest in NLNG Trains 3 to 6 without recourse to the federal government, according to officials familiar with the transaction.
Also, the Nigerian Extractive Industries Transparency Initiative (NEITI) has disclosed that NNPC failed to remit $11.6 billion to the Federation Account, which was paid by NLNG and called on President Muhammadu Buhari to recover the amount.
Other recent events:
United Nations Demand Unconditional Release of Chibok Girls
Solomon Arase Reshuffles Nigeria Police Management [DETAILS]
Fashola Spent N139million on 2 Boreholes: Nigerians React
Why Tinubu,APC Leaders Missed Fashola's Book Launch - Lai Mohammed
According to THISDAY, recent developments has shown that the initial directive to retain its 49 per cent share of dividends was actually given by former President Olusegun Obasanjo when he was in office.
Arising from this is another brewing controversy as to whether the dividends belong to the Federation Account for sharing amongst the three tiers of government, or just to the federal government, in this case the NNPC.
The previous management of NNPC when Obasanjo was in office had argued successfully that while the taxation revenues of NLNG belong to the Federation Account, the dividends belong to NNPC, which needed the dividend payments to reinvest in the new trains of NLNG.
It was on this basis that Obasanjo ruled in their favour and the Jackson Gaius-Obaseki-led NNPC then ring fenced the dividends in a special (investment) account and used it to successfully reinvest in NLNG Trains 3 to 6 without recourse to the federal government, according to officials familiar with the transaction.
Also, the Nigerian Extractive Industries Transparency Initiative (NEITI) has disclosed that NNPC failed to remit $11.6 billion to the Federation Account, which was paid by NLNG and called on President Muhammadu Buhari to recover the amount.
Other recent events:
United Nations Demand Unconditional Release of Chibok Girls
Solomon Arase Reshuffles Nigeria Police Management [DETAILS]
Fashola Spent N139million on 2 Boreholes: Nigerians React
Why Tinubu,APC Leaders Missed Fashola's Book Launch - Lai Mohammed
