Nigeria LNG Limited (NLNG) has clarified that the $27.5 million paid to the Federal Inland Revenue Service (FIRS) as a revised Corporate Income Tax settlement for 2016 was not ordered by the Tribunal.
It noted that the report suggesting a Tax Appeal Tribunal ordered NLNG to the tax misrepresented the mutually agreed out-of-court settlement.
NLNG clarified that these reports misrepresent the nature of the payment, which was part of an amicable out-of-court settlement between the two parties.
In a statement issued on Thursday which was signed by Andy Odeh, the General Manager, External Relations and Sustainable Development, NLNG explained that the payment was made in line with a mutually agreed settlement, rather than a directive from the Tribunal.
“The payment by NLNG was thus made in furtherance of a settlement agreement reached between the parties and not because of any order made by the Tribunal,” NLNG noted.
The firm emphasized that this resolution was reached without prejudice to the legal positions of both parties.
Odeh reiterated the company’s commitment to compliance with Nigerian laws.
“NLNG remains a responsible corporate citizen and consistently operates in compliance with Nigerian laws,” he stated.
Odeh also highlighted NLNG’s vision of being “a globally competitive LNG company helping to build a better Nigeria.”
