NLNG Denies Withdrawal Of $1.05bn From Dividend Account

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The Nigeria Liquefied Natural Gas Limited (NLNG) has condemned the reports that it illegally withdrew the sum of $1.05 billion from its dividend account with the Nigerian National Petroleum Corporation (NNPC).

NLNG’s General Manager of External Relations and Sustainable Development, Eyono Fatayi-Williams, denied the claims in a statement on Thursday in Port Harcourt, the Rivers State capital.

She also faulted the allegations that the NLNG Managing Director/CEO, Tony Attah, and the NNPC Group Managing Director (GMD), Mele Kyari, were signatories to an account and have been misappropriating monies belonging to the company without approval.

Fatayi-Williams, however, clarified that as a private limited liability company, the NLNG duly pays dividends to its shareholders.

She added that the company has continued to operate in full compliance with regulations and the laws of the country.

The NLNG general manager dismissed the allegations and urged Nigerians to ignore them, stressing that they were baseless and untrue.

Read the full statement below:

16 July 2020

Port-Harcourt

The attention of Nigeria LNG Limited (NLNG) has been drawn to news reports on the investigation by the House of Representatives into alleged illegal withdrawal of US$1.05billion from NNPC’s (NLNG) dividend account and allegations that our Managing Director/CEO Tony Attah and the GMD, NNPC, Mele Kyari are signatories to an account and have been moving and “squandering” monies belonging to the company without approval.

For the purpose of clarity, NLNG wishes to state that the company, as a private limited liability company, duly pays dividends to its shareholders and continues to conduct its business in full compliance with regulations and the laws of the Federal Republic of Nigeria.

NLNG strictly follows extant protocols in the payment of dividends as value generated from the business and ensures that the process concerning payment of dividends to its shareholders is transparent and in full compliance with the laws of the Federal Republic of Nigeria.

Expectedly, NLNG’s involvement in the process ends with the payment of such dividend.

The governance and controls around the Company’s finances also make the allegations against the Managing Director and the GMD an impossible scenario and therefore members of the public are advised to disregard the allegations as it is totally baseless and simply untrue.

NLNG also wishes to emphasize that it continues to bring value to both its shareholders and the country, utilising best practices in the industry to monetise gas resources and contribute to the socio-economic wellbeing of the country in line with its vision of helping to build a better Nigeria.

Eyono Fatayi-Williams

General Manager, External Relations and Sustainable Development

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