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NLNG denies link with $3.1bn fund recovery

By on June 8, 2016

The Nigerian LNG Limited has said none of its accounts is being investigated by the Economic and Financial Crimes Commission or any other anti-graft agency.

The NLNG said this on Monday in a statement signed by its General Manager, External Relations Division, Mr. Kudo Eresia-Eke.

It said it was misleading and untrue that about “$3.1bn intercepted in the accounts of the Nigerian National Petroleum Corporation and NLNG had yet to be moved to the Central Bank of Nigeria in line with the Treasury Single Account policy.

Eresia-Eke said, “To our knowledge, no NLNG account is the subject of any recovery effort by the EFCC or any other similar authority, more especially as the NLNG is a private company and not a government agency or parastatal.

“We are surprised that these misleading reports continue to be rehashed despite categorical statements by ourselves and third parties, including the Nigerian Extractive Industries Transparency Initiative, to the effect that NLNG has no outstanding obligations to the government.”

He appealed to all concerned stakeholders to take the necessary duty of care of checking the accuracy of information before publication.

The NLNG was incorporated as a limited liability company on May 17, 1989 to harness Nigeria’s vast natural gas resources and produce liquefied natural gas and natural gas liquids for export.

The company is owned by four shareholders, namely, the Federal Government, represented by the NNPC (49 per cent); Shell (25.6 per cent); Total LNG Nigeria Limited (15 per cent); and Eni (10.4 per cent).

 

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