Written by Godfrey AKON

NNPC offers to disclose details of NLNG dividends account

Following allegations of unauthorised withdrawals from the Nigerian Liquefied Natural Gas, NLNG, Dividends Account, the Nigerian National Petroleum Corporation, NNPC, has offered to provide details of the account from 1999 till date.


Group Managing Director of NNPC, Dr. Maikanti Baru, gave the assurance in Abuja at the hearing of the Senate Committee on Gas.

The committee is mandated to probe the alleged unauthorized disbursement from the NLNG dividends account to support importation of petroleum products to avert scarcity.

NNPC said, in a statement, last Thursday that it has offered to provide details of the account in order to give the Nigerian Senate and members of the public a comprehensive insight into the operations of the account.

Represented at the hearing by NNPC’s Chief Financial Officer, Mr. Isiaka Abdulrasaq, Baru insisted that there was need to take a holistic look at the NLNG Dividends Account from inception rather than a limited view from 2015 as requested by the Senate Committee.

He said the corporation was ready to provide details of operations of the account in terms of revenues and withdrawal mandates from 1999 till date. 

The GMD also noted that the fuel supply situation in the country was very robust with about 2.2 billion litters of fuel in stock, representing over 45-day sufficiency.

In his response, Chairman Senate Committee on Gas, Senator Bassey Akpan, said the committee’s terms of reference mandated it to look at the operations of the account from 2015 till date.

He, however added that should the NNPC decide to provide details from 1999 till date, it was welcomed.

The committee adjourned the hearing to December 4, 2018, with a mandate to NNPC and the Central Bank of Nigeria, CBN, to provide the details of operations of the NLNG Dividend Account before the end of November.








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