Nigeria LNG Limited, NLNG, has described as a misrepresentation of an out of court settlement, media reports indicating that a Tax Appeal Tribunal ordered NLNG to pay $27.5 million to the Federal Inland Revenue Service (FIRS) as a revised Company Income Tax (CIT) settlement for 2016.
NLNG made the denial of the claim in a statement by its General Manager, External Relations and Sustainable Development, Andy Odeh.
NLNG explained that its payment was made in furtherance of a settlement agreement reached between the parties and not because of any order made by the tribunal.
The statement by NLNG reads in full:
“Nigeria LNG Limited (NLNG) has noted media reports suggesting that a Tax Appeal Tribunal ordered NLNG to pay $27.5 million to the Federal Inland Revenue Service (FIRS) as a revised Company Income Tax (CIT) settlement for 2016.
READ ALSO: FG, organised labour agree on N70,000 minimum wage
“NLNG clarifies that these reports misrepresent an out-of-court settlement that was reached amicably between the parties, without prejudice to their respective legal positions, which the Tribunal merely adopted as Consent Judgment in the appeal. 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 remains a responsible corporate citizen, and consistently operates in compliance with Nigerian laws and will continue to operate in line with its vision of being ‘a globally competitive LNG company helping to build a better Nigeria.’”
