NLNG Pays ₦10.8tr to FG, JV, Shareholders –MD

The Managing Director, Nigeria Liquefied Natural Gas (NLNG), Mr Babs Omotowa, said that the company had paid $55 billion (about N10.8 trillion) to the Federal Government, Joint Venture and other stakeholders since 2007.

Omotowa made the disclosure at its public presentation of 2016 Facts and Figures to newsmen in Lagos. The NLNG was established in 2007.

He said that payments made to JV feed gas suppliers from inception till date stood at $23 billion, of which 55 to 60 per cent of this amount was payable to the Federal Government via its shareholding.

The managing director said that the company’s assets currently stood at about $15 billion (N2.9 trillion).

He said that the company also over the years paid dividends of almost $32 billion, out of which 49 per cent went to the Federal Government, courtesy of its shareholding in the company, again via NNPC.

Omotowa said that the company was contributing to national wealth and economic well-being of states in which it operates by paying all applicable taxes and tariffs.

He said that its corporate income tax paid to the Federal Government amounted to about $2.2 billion in 2015.

The managing director said that the company, since 2008, contributed about four per cent of Nigeria’s yearly Gross Domestic Product (GDP).

``NLNG provided more than 12,000 jobs each construction year.

``Overall, the major sub-contractors employed over 18,000 Nigerians in technical jobs in the base project.

``Through each Nigerian Content plan for its contracts, NLNG has promoted the development and employment of Nigerian manpower.

``For instance, over 600 Nigerians have been trained in Nigeria and at the contractors’ shipyard in Korea as part of Nigerian Content
deliverables tied to the purchase of six new LNG vessels by Bonny Gas Transport, a wholly owned subsidiary of NLNG.

``Those 600 Nigerians, with enhanced skills in welding, hull assembly, pipe fitting, electrical, mechanical, painting and ship design join the country’s workforce, providing a support base for technology transfer and industrialisation,’’ he said.

Category: 
myfinancialintelligence.com