The Nigeria Extractive Industries Transparency Initiative on Wednesday said it had no evidence to show that the Nigerian National Petroleum Corporation remitted the $15.8bn dividend it received from the Nigeria Liquefied Natural Gas company to the Federation Account.
In a bid to explain the facts and figures it presented to the House of Representatives Ad Hoc Committee during a recent public hearing on the alleged $17bn undeclared crude oil and liquefied natural gas exports, NEITI said the NNPC received the funds on behalf of Nigeria, but failed to remit it to the Federation Account.
It identified the unremitted NLNG dividend and loan repayments as a major source of revenue loss to the federation and explained that the NNPC, as custodian of the country’s shares in the NLNG, received her share of the dividends for 15 years amounting to $15.8bn between 2000 and 2014.
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