The Cable, has reportedly seen some documents indicating the trail of the “missing” dividends paid by the Nigeria Liquefied Natural Gas, NLNG, to the Nigeria National Petroleum Corporation, NNPC, between 2005 and 2013.
The Economic and Financial Crimes Commission, EFCC, and the Senate are currently investigating the findings of the 2013 audit report of the Nigeria Extractive Industries Transparency Initiative, NEITI, which raised the issue.
NEITI, had said that the NNPC, which holds 49 percent equity in NLNG, on behalf of the government, did not remit a total of $12.9 billion to the federation account, during the period.
In its reaction, the NNPC, said parts of the dividends were reinvested on behalf of the Federal Government, and the rest is now in the Treasury Single Account, TSA.
However, The Cable has alleged to have seen some letters exchanged by former President, Goodluck Jonathan and the NNPC, on $7.85 billion, out of the dividends. Sources at the Ministry of Petroleum Resources were said to have shown The Cable, the letters that were written between March and May 2011.
A letter dated March 30, 2011, seen by The Cable, showed that the NNPC sought the authority of the President to use $7.85 billion of the dividends to fund it’s contribution to the 10 million tons per annum Brass Liquefied Natural Gas, LNG, project.
The request was granted on May 13, 2011 via a reply written by Matt Aikhionbare, who was Jonathan’s Senior Special Assistant on Administration.
The NNPC’s letter highlighted the importance of the Brass LNG to the economy.
The letter was silent on how much dividends were paid into the NNPC’s coffers, but NEITI said NLNG paid $12.9 billion to the corporation over the eight-year period.
Jonathan, allegedly approved the request, and directed that the $7.85 billion be sourced primarily from the dividend account.
However, there are still questions over the eventual destination of the payment, as the Brass LNG project has since stalled, with the final investment decision, FID, hanging partly, because of funding issues.
EFCC is working on the possibility that the $7.85 billion, might not have gone to Brass LNG.
The project to be located on Brass Island in Bayelsa State, next to the Agip oil terminal, was conceived in 2001, as a two-train plant of 10mtpa, with provisions for expansion.
Controversies remain over NNPC’s claim, that part of the money was invested on behalf of the Federal Government.
NEITI, in its report, queried the expenditure of dividends without appropriation by the National Assembly.
However, if the money belongs to the federation, NNPC’s claim that it paid another part to the TSA, raises questions over whether the money should not have been paid to the consolidated federation account, as revenue to the three tiers of government.
However, if the money belongs to the federation, NNPC’s claim that it paid another part to the TSA, raises questions over whether the money should not have been paid to the consolidated federation account, as revenue to the three tiers of government.
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