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Re: Tax Tribunal orders NLNG to pay $27.5m to FIRS as 2016 revised Corporate Income Tax

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Re: Tax Tribunal orders NLNG to pay $27.5m to FIRS as 2016 revised Corporate Income Tax

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

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.

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.”

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Commissioner Unveils Waste Management Plans at Event

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Commissioner Unveils Waste Management Plans at Event

…Govt to build waste-to-energy plants at Olusosun, Epe and Badagry

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

The Lagos State Commissioner for the Environment and Water Resources, Mr. Tokunbo Wahab, has unveiled plans to radically improve the waste management system in the state, at a Waste to Energy Summit themed, “Driving Environmental Sustainability”.

The event, organised by Rack Centre in partnership with the NYSC Community Development Service (CDS), at the Radisson Blu Hotel, Ikeja, brought together key stakeholders to discuss sustainable solutions to waste management challenges.

In his keynote address, Wahab, who was represented by the Managing Director/CEO of the Lagos Waste Management Authority (LAWMA), Dr. Muyiwa Gbadegesin, emphasised the need for proper dumpsite management to mitigate environmental hazards.

“When Olusosun was established, it was actually on the outskirts, but development caught up with it. There’s a lot of pressure on solid waste management, which is why we are working on reducing the amount of waste dumped on the Olusosun landfill through recycling initiatives,” he explained.

He further outlined LAWMA’s strategic plans to transform waste management in the state, by focusing more on recycling, introducing various initiatives such as development of compost and biogas plants, to reduce the volume of waste going to landfills.

“We are working on developing composting and biogas plants on the site. The future state is that we are going to decommission the Olusosun landfill; we are already in the process. Decommissioning the dumpsite is necessary to address long-term environmental and health impacts. In doing this, we are going to comply with international best practices”, he stressed.

Dr. Gbadegesin also announced plans to establish waste-to-energy plants across the state, “Waste-to-energy plants will be established at the Epe dumpsite. The plan is to have three waste-to-energy plants in the state at Badagry, Epe, and Olusosun. We are exploring other alternatives to be used as landfills since we are working on shutting down the Olusosun landfill.”

Dolapo Olaoluwa, the convener of the summit and a serving corps member, said he envisioned a gathering of key stakeholders to discuss solutions to the challenges posed by the Olusosun dumpsite and other waste management issues, as a way of contributing meaningfully to the community where he was serving.

Mr. Adetayo Odusole, Head Sustainability Coordination, Rack Centre, expressed their enthusiasm for sponsoring the event, noting that Rack Centre was pleased to support the initiative as it aligned with their goals of achieving a sustainable environment in the state, emphasising that achieving this required a collective effort.

Other speakers at the summit included: Ezekiel Egboye, Founding Executive and Chief Operating Officer, Rack Centre; Jide Onakoya, Chief Operating Officer, Elektron; Professor Emmanuel O. Ogolo, Professor of Atmospheric Physics (represented); Dr. Victor Abimbola Onifade,  senior lecturer of Urban and Regional Planning; Olaide Ayodele-Taiwo; Assistant Chief Scientific Officer at the National Environmental Standards and Regulations Enforcement Agency (NESREA); and Yetunde Baderinwa, NYSC State Coordinator, Lagos State.

High point of the event was a panel discussion, where the stakeholders and experts discussed sustainable solutions to waste management challenges in the state.

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Oil Production: National Assembly Pledges Support to NNPC Ltd

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…Mulls Stronger Laws Against Crude Oil Theft, Vandalism 

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

The National Assembly has thrown its weight behind NNPC Limited’s ongoing efforts to boost Nigeria’s crude oil production and grow its reserves, saying it will consider stiffer consequences for crude oil thieves and vandals of the nation’s critical hydrocarbon infrastructure.

L-R: Chairman, Senate Committee on Petroleum Resources (Upstream), Sen. Eteng Jonah Williams; Chief Upstream Investment Officer, NNPC Ltd, Mr. Bala Wunti and Chairman House of Representatives Committee on Petroleum Resources (Upstream) Hon. Alhassan Ado Doguwa during an oversight visit by the National Assembly Joint Committee on Petroleum Resources (Upstream) to the NNPC Upstream Investment Management Services (NUIMS) Headquarters in Lagos, on Tuesday.   

This was made known when the National Assembly’s Joint Committee on Petroleum Resources (Upstream) paid an oversight visit on the NNPC Upstream Investment Management Services (NUIMS), an upstream arm of the NNPC Ltd, at its headquarters in Lagos, on Tuesday.

Jointly led by the Committee Chairmen from both chambers, Senator Eteng Jonah Williams and Hon. Alhassan Ado Doguwa, the legislators described the menace of crude oil theft and vandalism of critical oil and gas infrastructure as major challenges to Nigeria’s revenue generation and budget targets, which must be curtailed.

In his remarks, Senator Williams said it was imperative for the National Assembly to come up with legislative action that will help stop crude oil theft and increase Nigeria’s crude oil production.He said from what they found at NUIMS, it is duty-bound on the legislature to come up with decisive measures that will help the government to achieve its set targets in the oil and gas sector.On his part, Hon. Alhassan Doguwa said by virtue of their duties as a legislature, the lawmakers will fast-track the strengthening of a legislative framework to be able to check the excesses bedeviling the nation’s oil and gas sector.

Chairman, Senate Committee on Petroleum Resources (Upstream), Sen. Eteng Jonah Williams in a tete-a-tete with the Chief Upstream Investment Officer, NNPC Ltd, Mr. Bala Wunti during an oversight visit by the National Assembly Joint Committee on Petroleum Resources (Upstream) to the NNPC Upstream Investment Management Services (NUIMS) Headquarters in Lagos, on Tuesday.

Doguwa, who commended NNPC Ltd’s efforts for its industry-wide security collaboration against the nation’s hydrocarbon infrastructure said more needs to be done to ensure the Company increase Nigeria’s crude oil production and grow its reserves.

He said the legislature will consider deploying the stick and carrot approach towards addressing the issue, but where it becomes necessary, the stick approach must be emphasised to rise vehemently against any encumbrance standing in the way of Nigeria’s economic growth and development.Earlier in his detailed presentation to the lawmakers, the Chief Upstream Investment Officer (CUIO) of NNPC Ltd, Mr. Bala Wunti described NUIMS as a trustee of Nigeria’s upstream investments which ensures the country maximises returns through effective supervision of its Joint Venture (JV), Production Sharing Contracts (PSC) and Service Contracts (SC) operating partners. 

Wunti, who commended the lawmakers for their consistent support to the NNPC Ltd, said engagements with the National Assembly are crucial as they will help the NNPC Ltd in the attainment of its mandate.

Management of the NNPC Upstream Investment Management Services (NUIMS) in a group photograph with members of the National Assembly Joint Committee on Petroleum Resources (Upstream) during an oversight visit by the Joint Committee to the NUIMS Headquarters in Lagos, on Tuesday.

“We are here to see how the NASS will help us produce more barrels and deliver value to our shareholders. Increasing production is the new narrative and your support is needed to enable us achieve our set targets based on our key principles of safety, speed, compliance and efficiency,” Wunti informed the legislators.

He said so far, the industry-wide security collaboration against crude oil theft and vandalism of Nigeria’s critical hydrocarbon infrastructure through the four-way strategy of “Detect, Deter, Respond and Recover” have been instrumental in the recent restoration of some of the nation’s lost barrels. 

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