Non-remittance of NLNG dividends by the NNPC

An ad hoc committee of the House of Representatives investigating the NNPC, its subsidiaries and the Department of Petroleum Resources from 1999 reported that the NNPC had not paid US$5.4 billion in Nigeria's profits from the Nigeria LNG venture into the Federation Account, as the law requires, and that the Accountant-General had confirmed only US$127 million had been remitted. The NNPC said its share of profit was US$4.43 billion and had been reinvested in expanding the business.