Reps to probe whereabouts of N3trn NLNG profits

The House of  Representatives is set to investigate what happened to  $14.9 billion ( about N3 trillion) profit from the Liquified Natural Gas, LNG  paid to the Nigeria National Petroleum Corporation, NNPC from 2004 till date.

The said amount  represents  dividends realised  from the sales of liquified gas from 2004 to 2014 and which the multinational liquified gas company allegedly claimed  it has remitted to NNPC.

The Chairman  of the House of Representatives Committee on Public Accounts, Rep. Solomon Olamilekan Adeola made the disclosure at the weekend, saying the committee will move a motion of urgent national importance at plenary on Tuesday  to compel the NNPC to bring relevant documents.

But the NNPC has moved to stop the House from getting the documents as its lawyer, Mike Ozekhome & Co Chambers wrote the House Committee last Friday saying it has no right to request for the LNG accounts.

Olamilekan- Adeola said: “Just about a month ago, we invited the Liquified Natural Gas, LNG, to appear before  the committee on Public Accounts. They came and told us that Federal Government  has 51 percent holding in the LNG while 41 percent is owned by Shell and other private sector stakeholders.

He explained further” If we have 51 percent, how much of these funds has returned to the Federal Government as dividend? They said they have it. And between 2004 and 2014 they’ve remitted to the NNPC coffers in form of dividends $14.9 billion.

“We wrote to NNPC asking for an evidence for the sources of revenue, the bank statements, and if there is any expenditure for that account and any other item they can furnish us with.

“Just this afternoon ( last Friday), we received a letter from their lawyer, Mike Ozekhome & Co e quoting Section 88 and other relevant sections of the constitution explaining why they cannot and will not come before the committee with these particular documents.”