The Nigeria Liquefied Natural Gas Limited (NLNG) has paid $18bn in dividends to the Federal Government.
The company has also paid the same amount in dividends to three other shareholders.
This was disclosed in an interview with the Chairman of Business Day newspapers, to mark Nigeria’s 60th anniversary.
“Nigeria LNG has paid about US$18 billion as dividends to the Federal Government of Nigeria, through the state-owned Nigerian National Petroleum Corporation (NNPC) 49% shareholding and equivalent amount as dividend to the other three shareholders in the same time period.
“We have also paid about US$15 billion for feed gas purchases to the Federal Government of Nigeria through its shareholding in NNPC.”
The majority stake in the NLNG is held by the IOCs – 51% {Shell Gas B.V (25.6%), Total Gaz Electricite Holdings France (15%) and Eni (10.4%)} while the Federal Government of Nigeria, through NNPC, holds 49%.
NLNG has also paid about $9 billion in taxes comprised of Companies Income Tax, Tertiary Education Tax, Withholding Tax and Value Added Tax.
Other payments made to government include PAYE (Pay As You Earn), state and local government taxes, as well as regulators’ levies and fees over $134 million.
In the same vein, NLNG remains a major influencer in the domestic LPG sector with a dedicated 350ktpa of LPG supply to the market.
The company is supporting the use of cleaner energy to protect citizens and the environment from the hazards posed by other cooking fuels by encouraging the use of cooking gas.
“Our commitment to environmental safety is accentuated by the fact that our operation has drastically reduced Nigeria’s gas flaring profile from about 65% percent in 1999 to less than 12% today.”
NLNG is also committed to build a better Nigeria by building human capacity and developing local industries through projects such as the construction contract for six new DFDE Vessels awarded by one of its subsidiaries, (BGT) to Samsung Heavy Industries (SHI) and Hyundai Heavy Industries (HHI), which made provisions for local content.
Other projects through which the company is promoting local content include export of 480,000Litres of paints by PCMN and Berger Paints Nigeria Plc, export of over 180,000meters of low voltage cables by Nexans Kabelmetal to Korea, export of 9,000 pieces/158 tons of Aluminums and Zinc Anodes by Metec West Africa, and award of the contract for supply of moveable furniture in the six vessels to two Nigerian companies, IO Furniture Limited and Vina International Limited.
NLNG is equally training over 700 Nigerians in ship building both in Nigeria and South Korea, while it also set up the Maritime Centre of Excellence (MCOE) to provide marine and technical shipping services within country.
In the next 30 years, NLNG intends to transform the host community of Bonny Island in Rivers State into a tourist and investors’ destination (Bonny-Dubai Vision).
Currently, Nigeria LNG is co-financing, with the Federal Government of Nigeria, the N120 billion ($315million) Bonny-Bodo Road project to connect Bonny Island to the mainland.
The project will have a significant positive implication for development of the Niger Delta as the Bonny Bodo Road, together with uninterrupted power supply, potable water, Bonny Community Health Insurance Programme, Bonny WiFi/Internet city and Bonny Radio, among several other intervention programs, will certainly contribute to the transformation of the region.
NLNG’s Train 7 project is expected to attract over $10 billion into the country by creating over 12,000 direct jobs and 40,000 indirect jobs when it takes off.
With gas currently accounting for about 25% of global energy consumption, going forward, NLNG is committed to the protection of the planet whilst still ensuring the provision of adequate and affordable energy to fuel the growing world population and economies.
NLNG was voted Nigeria’s “Company of the Decade” by a major media house in the country and also emerged as employer of choice in Africa and best company in Africa in the area of poverty alleviation in line with its corporate vision.
The company is calling on other companies to buy into the idea of helping to build a better Nigeria.