The Nigerian Petroleum Development Company, a subsidiary of the Nigerian National Petroleum Corporation, and 22 other oil companies are yet to pay to the federal government the sum of $3.7 million as fines for flaring gas beyond their allowed thresholds.
The NPDC and four other oil companies also failed to remit $46.7 million to the federation as royalty on the volume of oil they produced within the period.
According to audit report of operations by the Nigeria Extractive Industries Transparency Initiative, Nigeria through the NNPC maintains a 49 per cent shareholding in the NLNG, and would retain its dividends from the operations after the loan repayment is completed.
