NLNG Refutes Illegal Withdrawal of $1.05bn from Dividend Account

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Nigeria Liquefied Natural Gas (NLNG) has denied reports it illegally withdrew $1.05billion from Nigerian National Petroleum Corporation’s dividend account.

It also denied that its Managing Director/CEO Tony Attah and the GMD, NNPC, Mele Kyari are signatories to an account and have been moving and “squandering” monies belonging to the company without approval.

Addressing a House of Representatives investigative panel into both allegations, the NLNG said for the purpose of clarity, the company as a private limited liability company, pays dividends to its shareholders and continues to conduct its business in full compliance with regulations and the laws of the Federal Republic of Nigeria.

“NLNG strictly follows extant protocols in the payment of dividends as value generated from the business and ensures that the process concerning payment of dividends to its shareholders is transparent and in full compliance with the laws of the Federal Republic of Nigeria,” the statement said, adding that NLNG’s involvement in the process ends with the payment of such dividend.

It explained further that the governance and controls around the company’s finances also makes the allegations against the Managing Director and the GMD impossible. The company advised members of the public to disregard the allegations as it is totally baseless and simply untrue.
NLNG assured that it will continue to bring value to both its shareholders and the country, utilising best practices in the industry to monetise gas resources and contribute to the socio-economic wellbeing of the country in line with its vision of helping to build a better Nigeria. Chibisi Ohakah, Abuja


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