RemFact of the Day

Did You Know:

NNPC confirmed receipt of US$390.234million being payment of dividend, loan repayment and interest by NLNG in 2016. These monies were paid into JP Morgan Chase NNPC Depository Account domiciled with the CBN.

The cumulative amount received from NLNG to date (including amounts revealed in previous audit reports 2000 - 2016) is US$17.288billion.

NEITI has consistently maintained that these monies should be paid into the Federation Account. This position is based on Section 162(1) of the constitution of the Federal Republic of Nigeria which stipulates that “all revenue proceeds should be paid to the Federation Account.”

NNPC has had approvals from the Federal Government, authorizing it to withhold remittances or in some cases utilize fund for some specific projects such as the Brass LNG Project. NNPC made available these approvals for sighting to our team. The fund is managed by the MOF.

This amount could be used to finance any of the following:

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