Financial Energy Review
Over $ 44 billion has been paid as Dividends by the Nigeria Liquefied Natural Gas Limited (NLNG ) since it became operational 25 years ago.
Andy Odey, the General Manager for External Relations and Sustainable Development disclosed in an interview on Wednesday.
Odey said the company has distributed over $44 billion in dividends, contributing significantly to the Nigerian economy, particularly given its 49% ownership by the Nigerian government.
The NLNG’s spokesperson who reflected on the company’s economic impact, detailing the company’s role in monetizing previously underutilized resources, while commemorating the 35th anniversary of the Nigeria Liquefied Natural Gas Limited (NLNG), gives a thump up to the company which has transformed Bonny Island into an economically viable community.
Odey said the company has distributed over $44 billion in dividends, contributing significantly to the Nigerian economy, particularly given its 49% ownership by the Nigerian government.
“When the company was birthed, the whole concept was how do you monetize what looks like waste and convert it to wealth. Between when we started operations and now, we have been able to convert over 8.3 trillion cubic feet of associated gas and monetize it. From inception, over with the tax holiday, we paid over 44 billion dollars in dividends, being specific now to Nigeria that owns 49%”
In addition to its economic contributions, NLNG has prioritised corporate social responsibility (CSR) initiatives to improve the quality of life in its host communities and across Nigeria.
Odey pointed out that the Bonny Kingdom now enjoys 90% power availability, a milestone that has a profound effect on local economic development.
“Today, in Bonny, there is 90% power availability in the kingdom. This means a lot in terms of driving the economy.”
He further highlighted key factors that have contributed to the company’s enduring success since its inception. Established with the vision of transforming associated gas into wealth, Odey said NLNG has emerged as a significant player in Nigeria’s energy sector, thanks in part to robust government support, a conducive operational environment, and a highly skilled workforce.
Odey emphasized that one of the cornerstones of NLNG’s success has been the unwavering support from the Nigerian government.
“A few things have been responsible for why NLNG has been successful as a company. First of all, is the support we get from the government. Before FID was chosen as the best project, the government was fully in support, owning 49% through the NNPC. So, through the regulators, we have received a lot of support and they have provided an enabling environment for the business to succeed.
“Secondly, we operate in an environment in the Niger Delta, Bonny kingdom. You can’t be talking about the success of NLNG without referencing the environment in which we operate. From the kingdom, we continue to enjoy a very peaceful relationship to a large extent. Thirdly we have a highly professional workforce. We can’t be talking about a successful operation without referencing the professionalism of the staff of NLNG.” he noted.
As NLNG celebrates its past achievements, Odey also addressed the future, stating that the company is actively exploring collaborations with other players in the market to maintain its leadership position.
“For us, a few things are happening to ensure we are ready for the future. We want to ensure we remain a leader in the market,” he asserted.
