…Pays Shareholders $47.2Bn Dividend
The Nigeria Liquefied Natural Gas Limited (NLNG) has reported cumulative earnings of about $150 billion since it commenced operations, paying $47.2 billion as dividends to its shareholders, including the Federal Government, which holds a 49 per cent of its equity stake.
The company’s Managing Director/Chief Executive Officer, Adeleye Falade, disclosed the figures on Tuesday in Lagos during the presentation of ‘Facts and Figures 2026’, his first major media engagement since assuming office on April 1 this year.
According to the CEO, the company remitted $10.8 billion in taxes to the Federation Accounts as it continues to rev up its expansion drive to strengthen the nation’s ranking in the global liquefied natural gas market.
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He explained: “We have made $149.6 billion in revenue by 2026; $10.8 billion has also been paid in tax to the Federal Government right from the time we became tax compliant.”
Falade disclosed that the company had also built an asset base valued at over $22.9 billion, making it one of the country’s largest corporate assets apart from the government-controlled oil company – the Nigerian Petroleum Company Limited (NNPCL).
He explained that the NLNG had been operating six liquefaction trains with a production capacity of 22 million tonnes per annum (mtpa) and delivered more than 6,285 LNG cargoes to customers across Europe, Asia, the Middle East and other global markets.
Clarifying further on the company’s performance, Falade said NLNG now accounted for about six per cent of global LNG supply, and that based on its business model, it does not produce natural gas but purchases gas from upstream producers for processing, liquefying, transporting and marketing it worldwide.
Similarly, he disclosed that it had a fleet of 22 vessels, comprising 20 LNG carriers, one liquefied petroleum gas vessel serving the domestic market and another dedicated operational support vessel.
Falade said the NLNG remained focused on safely delivering Train 7 as part of its current move to strengthen domestic gas availability, support the Federal Government’s industrialisation agenda and create sustainable value for shareholders and the country.
He maintained that when it becomes operational, the Train 7 project was expected to increase NLNG’s production capacity by approximately 35 per cent, from 22 million tonnes per annum (mtpa) to 30 mtpa, while significantly increasing LPG production for the domestic market from the current 500,000 tons per annum to 750,000.
Describing Train 7 as one of Africa’s largest LNG expansion projects, the industry expert said the investment demonstrated NLNG’s confidence in Nigeria’s gas future and its commitment to supporting the country’s long-term economic growth.
He expatiated: “Train 7 represents much more than additional production capacity. It reflects our confidence in Nigeria’s gas potential and our commitment to creating long-term value through increased exports, stronger domestic gas supply, Nigerian Content development and economic growth.”
On the tax compliance status of the NLNG, the CEO maintained that having exited its pioneer tax status in 2009, it had become one of Nigeria’s largest taxpayers, paying over $10 billion to the Federation Accounts since then
Beyond company income tax, he listed the company’s fiscal contributions as include petroleum-related taxes, Value Added Tax (VAT) and other statutory levies, while about 60 per cent of payments made for gas purchases usually accrue to the Federal Government through its interests in upstream producing companies.
Speaking on domestic energy supply, Falade said the company supplied a record 500,000 tonnes of Liquefied Petroleum Gas (LPG) also known as cooking gas, to the domestic market last year, representing about 33 per cent of national demand.
He clarified: “Last year was the highest volume we’ve ever supplied in a single year when we supplied 500,000 tonnes of LPG. Today, that’s about 33 per cent of what the country demands.”
The NLNG boss disclosed that since 2022, the company had supplied all its LPG production to the domestic market as part of its initiatives aimed at improving access to cleaner cooking gas in the country.
Experts believe that company’s improving performance underscores its growing roles in the nation’s economy, especially at a time when the Federal Government committed to boosting revenues from the huge gas reserves and diversify FX earnings of the country.
