Reps to investigate illegal withdrawal of $1.05billion from NLNG Account

The House of Representatives is set to investigate the alleged illegal withdrawal of $1.05billion from Nigeria Liquefied Natural Gas (NLNG).

The Green Chamber said the money was unilaterally removed by the Nigeria National Petroleum Corporation (NNPC).

NAN reports that the resolution followed a unanimous adoption of a motion by the Minority Leader Ndudi Elumelu (PDP-Delta), at plenary on Tuesday

Elumelu recalled that the NLNG was incorporated as a limited liability company in 1989.

The lawmaker said that the aim was to produce liquefied natural gas and natural gas liquids for export purpose which began in 1999.

NLNG is jointly owned by the Government of Nigeria, represented by the NNPC with a shareholding of 49 percent.

The 51 percent is owned by Shell Gas – 25.6 percent, Total LNG Nigeria Ltd – 15 percent, and ENI International – 10.4 percent.

Elumelu said the dividends from the NLNG must be paid into the Consolidated Revenue Funds Account of the Federal Government and to be shared among the three tiers of government.

He decried that the NNPC, without the required consultations with states and the mandatory appropriation from the National Assembly, tampered with the funds at the NLNG dividends.

Elumel said there was no transparency in the extra budgetary spending.

He stated that as only the Group Managing Director and the corporation’s Chief Financial Officer “had the knowledge of how the 1.05 billion dollars was spent”.

He added that there are no records showing the audit and recovery of accrued funds from the NLNG by the Office of the Auditor General of the Federation.

The Speaker, Femi Gbajabiamila, mandated the Committee on Public Account to conduct a thorough investigation on the dividends account.

He directed the committee to invite the management of the NNPC and the NLNG, and report back to the House in four weeks.

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