Home News NLNG Pays $55billion to FG, Joint Venture Partners Since 2007

NLNG Pays $55billion to FG, Joint Venture Partners Since 2007

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The Managing Director of the Nigeria Liquefied Natural Gas, Babs Omotowa, said the company had paid $55 billion (about N10.8 trillion) to the Federal Government, Joint Venture partners and other stakeholders since 2007.
Omotowa made the disclosure at its public presentation of 2016 Facts and Figures to newsmen in Lagos in Tuesday.
The News Agency of Nigeria reports that the NLNG was established in 2007.
Omotowa said payments made to JV feed gas suppliers from inception till date stood at $23 billion, of which 55 per cent to 60 per cent of this amount was payable to the Federal Government via its shareholding.
The managing director said the company’s assets currently stood at about $15 billion (N2.9 trillion).
He said 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 via the Nigerian National Petroleum Corporation.
Omotowa said 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 its corporate income tax paid to the Federal Government amounted to about $2.2 billion in 2015.
The managing director said the company, since 2008, contributed about four per cent of Nigeria’s yearly Gross Domestic Product.
He said: “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.”
NAN.

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