Don't Miss

NLNG to remit N220bn into Federation Account

By BusinessNews Staff on March 26, 2014

THE management of the Nigeria LNG Limited, NLNG, said it will soon remit over N220billion from the 2013 company income tax to the Federation Account.

The Managing Director and Chief Executive Officer of the company, Mr. Babs Omotowa, who disclosed this in Abuja, said the remittance would place the NLNG as the largest tax payer in Nigeria and in Sub-Sahara Africa.

He said, “It (NLNG) accounts for seven per cent of the global LNG supplies; though this used to be 10 per cent! In addition, later this year, NLNG will be paying about N220billion as 2013 Company Income Tax to the Federation Account, making it by far the largest tax payer in Nigeria and in Sub-Sahara Africa.

“The take of the Federal Government in NLNG’s revenues is now about 70%, comprising the 49% dividend, 30% CIT, and other taxes,” he said.

Omotowa said the company was the fastest growing Liquefied Natural Gas, LNG project in the world between 1999 and 2008, when it went from a construction site to a 6-train facility.

He said the NLNG’s contribution to reduction of gas flaring and revenue generation for Nigeria is a testimonial of Nigeria’s important role in the world, and an evidence of NLNG’s evolution into a world class company.

The company, he said, successfully pioneered gas monetisation and the biggest single contributor to government’s efforts to diversify the Nigerian income portfolio. He added that NLNG in revenue terms contributes over $9 billion yearly to the national income.

In the area of Corporate Social Responsibility, he pointed out that “NLNG’s CSR portfolio spans education, healthcare, enterprise and capacity development.

“Nigeria LNG Limited promotes science and literature through the Nigeria Prize for Literature and the Nigeria Prize for Science. Since 2004, we have brought Nigerian scientists and authors to public attention and celebrating excellence in scientific breakthroughs and literary craftsmanship in the nation.”

Another CSR initiative is NLNG’s scholarship programmes spanning post primary, undergraduate, maritime academy cadets, and overseas postgraduate scholarship scheme managed by the British Council.

Omotowa said, “NLNG has been training manpower for the maritime industry through its support for Maritime Academy of Nigeria, Oron. To date, NLNG has trained over 500 Officers and ratings and has employed over 200 graduates of the Maritime Academy, Oron.

“Bonny Vocational Centre, BVC, is an NLNG/Bonny Kingdom partnership project designed to promote acquisition of vocational and entrepreneurial skills, the development of technical competencies and self-reliance in youths in Bonny community in particular and Rivers State in general.

[Vanguard]

headline