House Panel Demands NNPC’s Response To Alleged $20.3bn Withdrawals

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The House of has accused the Group Director of the Nigerian Corporation, Mr Mele Kyari, of refusing to respond to an audit query issued against the corporation over alleged illegal withdrawals from the Nigerian Liquefied Natural Gas Limited’s Dividends Account, totalling of $20.30bn.

The Chairman of the House Committee Public Accounts, Mr Wole Oke, , said the GMD and relevant ministries, departments and agencies needed to cause appearance before it to explain the withdrawals, stating that they hold all Nigerians the duty to do so.

The office of the Auditor General of the had issued a query the funds to the committee, following which the Revenue Mobilisation Allocation and Fiscal Commission indicted the its response to the lawmakers.

Details of the funds were contained a document filed by the RMAFC to the committee, asking the lawmakers to “investigate the illegal withdrawals from the Nigerian Liquefied Natural Gas Dividends Account by the management of Nigerian Corporation.”

Chairman of RMAFC, Elias Mbam, stated that the commission “does not support any diversion of revenue that should accrue to the Account for whatever reason, as the practice is illegal and conflict with Section 162(1) of the 1999 Constitution of the Federal Republic of Nigeria (as amended).

“The or any other agency does not have the powers under the law to withdraw money from the NLNG Dividend Account for any other purpose outside remitting it into the Account.”

According to the document, out of a total sum of $21.69bn revenue that accrued to the NLNG dividend account between 1999 and 2020, the NNPC withdrew a total sum of $20.3bn, leaving a balance of $1.38bn as of June 30, 2020.

The RMAFC also stated that the sum of $100bn was generated by NLNG sales revenue since inception.

It said, “The company also has paid over $18bn as dividends through the NNPC and $6.1bn as Company Income Tax through the Federal Inland Revenue Service.”

The company also said that over $15bn had been expended by NLNG for the purchase of feedstock gas for its operations, it added.