While international oil companies, ExxonMobil, Shell and Chevron took the top three spots, NLNG came fourth, leading other Nigerian companies in the blue chip listing. Other local and international establishments that made up the top ten of the ranking were Total Nigeria, MTN, Dangote Group, OandO, Eni-Agip and First Bank Nigeria Plc. The companies in the top 100 according to the Minister of Trade and Investment, Olusegun Aganga contribute some 20 per cent to the country’s gross domestic product (GDP).
To rate the companies, the Top 100 Businesses Assessment Committee, headed by Executive Secretary and Chief Executive Officer of the Financial Reporting Council (FRC) Mr. Jim Obazee, collated and verified information from annual reports, the Financial Reporting Council, the Nigerian Stock Exchange and reports from private companies that publish revenue figures, to decide the winners.
As well as Jack Riley and the Minstry of Industry, the
committee also had heads of government agencies, parastatals and corporations, among them: the Bank of Industries, the Nigerian Stock Exchange, Federal Inland Revenue Service, the Nigerian Investment Promotion Commission, the Nigerian Export Promotion Council, and several others.
“We recognise that this achievement of being the foremost Nigerian establishment in the latest ranking also places on us the responsibility to continue to remain the model company that shows how Nigeria can generate value from its abundant human and natural resources,” said Babs Omotowa, NLNG’s Managing Director and Chief Executive.
NLNG is one of Nigeria’s most successful indigenous companies; it is reputed for the efficiency of its operations and management as well as for its financial clout and contribution to the country’s economy. Earlier this year, partly state-owned company paid a corporate income tax (CIT) of N220 billion to the Federal Government, becoming the largest corporate tax payer in the country. The amount accounts for some five per cent of the government’s revenue.
Between 1999 when the Nigeria LNG exported its first cargo and today, the company has converted about four trillion cubic feet (4Tcf) of associated gas and five trillion cubic feet (5Tcf) of non-associated gas to over 3,250 cargoes of liquefied natural gas and natural gas liquids.
It has during this span of time, paid around $30 billion as dividend to its shareholders, which includes the Federal Government represented by the Nigerian National Petroleum Corporation (NNPC), with the largest single stake of forty-nine per cent (49%).
NLNG also supplies over eighty per cent of liquefied petroleum gas, otherwise called cooking gas, to the domestic market. This has helped to bring down the price of the commodity from a zenith of N7,500 for a 12.5kg to between N2,800 and N3,500 thus changing the narrative around Nigeria’s LPG supply problems, to a story of increasing availability and affordability for the common man.
As the arrowhead of the Federal Government’s effort to end gas flaring, Nigeria LNG has successfully converted gas that would have been routinely burned off, into lucrative cargoes of liquefied natural gas, exported safely and reliably to customers in different parts of the world.
The company controls eight per cent (8%) of the global liquefied natural gas market through its reliable operation of a six production train facility with capacity for twenty-two metric tonnes per annum (MTPA) of the product. A proposed seventh train is part of Nigeria LNG’s strategic growth programme which will ramp up annual production to some 30 million metric tonnes per annum (mtpa).
Earlier this month, NLNG held an investment
summit to courting financial investors for its planned construction of a
dry dock for the maintenance of large oil and gas vessels in Badagry,
Lagos State. This follows the company’s $1.6 billion contract with
shipbuilders, Samsung Heavy Industries and Hyundai Heavy Industries, for
the building of six new vessels. This will see the gas company’s vessel
fleet swell to 19, increasing the need to maintain them locally given
the high cost of doing so abroad. The company says the construction of
the dock will save huge foreign exchange for Nigeria as well as create
real value for the economy.
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