Income tax: Media reports misrepresent out-of-court settlement with FIRS – NLNG

Nigeria Liquidify Natural Gas Limited (NLNG) has noted that media reports suggesting that a Tax Appeal Tribunal ordered it to pay $27.5 million to the Federal Inland Revenue Service (FIRS) as a revised Company Income Tax (CIT) settlement for 2016.

The NLNG however in a statement by Andy Odeh, General Manager, External Relations and Sustainable Development, clarifies that the 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.

According to Andy 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.”