How did the bailout happen? What isthe story behind it? ‘Sever specs ofthe bailout story play nt some ofthe Compuny and my personaleor vals “To give you the background; NLNG ad been paying dividend annually € NPC since 2008. In schtion forthe feedge that we purchase, we py tat tothe Federation Account. Ca Company Toco Tax which len git pi nthe Feri arene tne paying that in 2013. ae we Ind a 10 yea ta baiday which was what enabled us gow om 2-Trains to OTs So fr example, in 2014, we pid $1 4blon dividend to NPC, $-ilion fr feeds purchase 10 Federation Account and $1.4 bilion Company Income Tax (CIT) to the FIRS Fedestion account. In eat, we had paid ovee $33bilion to Nigeria since 2004, with dhe Dividend pat paid vo NNPC alooe being over $13bilion. “The dividend payment that we made to NNPC cid not goto Federation account ad were ths ‘mainly known only in NNPC and the Presidency but ot the publ. Indication was that the il ‘kinking was to heep the money as savings, robe used to bud other new LNG projets. “This wat the background of the story ofthe blot Fand which elf started in January 205, well ‘before te crtet administration came in. Itwas obvious tothe dhen previous government dat with the quantum of CIT payment hae NING had made in dhe previous year ($140) cha: we wet key to pay bigger amount in 2015 In Janay, about month before the inital planned elesons, very senor officials o government approached me to ak that we should py the CIT to Govemment mediately. My sponte was ‘ar that we would not be in position to do so and Iw thus subsequently invite wo Abuja on @ ‘numberof acersions to mect with key oficial nan effort to persuade me w pay de money. 1 maintained same poston through thovedseusions based on two perspectives: One, we cou not ‘make any payments fom accounts that had or been ated by extezal auditors and approved by ‘the Boar Pwo, by lgislaton of CTT Act, we hd il Jane to make payment, so hy the pressure? “This position was nt viewed posvely bythe government officals. Sot was escalated and higher level government officals (Minister) subsequent epoke with me on i I explained ahd reamed that we were nar in a posion to pay eater than June, or dhove same wo perspective. ‘Obs thi was not an easy station and I could be red, ete; because fom the Government's petepecive, I was sopping them fom laying hands ona huge amount of money, especially at time ‘they needed money desperately. During the esod, kept all sharcholders informed ofthe station. “These conversations continued though February and the cletons got postpone subsequent to ‘which the request intensified. By Apal, jst before the postponed elections were tbl we held ‘our Board meeting where che Board approved the audited accounts.Immediately after shat Board meeting, he pressure fom the seioe government ofl intense since dat was one ofthe reasons I had indicated foe not making the payment eae But I remind them ofthe second reason which wa that by law, payment was with a June deadline and as such 1 ‘mained weal had to wai unl June before payment, as provided forin the lw e. CIT Act. Subsequeady the lections eld in Apa and her dan wane, having lst the election, the peste ‘coal intensified slbct the tone changed, as I was now being requested to pay the money and that ‘nerest ums that wold have acer ual Jane, fwe had kept the money a our bak, would be refunded, to keep us whole They highlighted urgent nee ro source money to pay fo subse, ee: However, Iinsited we wil only pay in ne and thus when June came the money wi paid to the (Government, albeit a new administation, The new government was very transparent tothe public lout the payment, ad alo for the fete, mandated sto start paying te den aspect ko Into the Federation account. Ie was the CIT payment and some dividend totaling $2 Toon tht we ai dha then gor shared amongst al the sates and became known asthe bailout Rind Itywas delight co se the money being tanspazenly handled by Government and made aaable tol the Sates inthe Federation Tl dt stil occasoaaly et vome State governs and ordinary people on the sree, hanking NLNG and sayng the money was very help to pay alae ee ‘So whit the hilowt sory was excellent for the country, the story bind i andthe pio Janay to Juse 2013 was one of the most dfSeul mes for me inthe roe ‘You dida't worry about political solution? ‘Thad ao such worries, a what politcal solution would have been appropiate? Paying the money contrary to the lw and daring elecon period would have beca wong Ie would ave then key been used for elecioneting purposes and moet ely, ike the "NSA amet’ we may then today behaving an "NLNG-s gate investigation and prosecuon. So, rather than be involved in doing whats not sight, was pepate to wal sway fre the jb, if reed be and I suspect I may have been relieved of my jb ifthe administration had won the election. Political solution i different fom walking away. Policl solution todo whatis wrong wil be inappeopiate and there would ako be leg term ‘consequences, 2s basal this was something covered by ae law of the county ‘They were desperate ‘Yen han eb tng sheet he role ofa: Te lew give w til cad June, We bo ied w audit cour account fs and then obtain Board approval These ae alo comporate goveman ess, You ate als sight that they were desperate sight fom January until the end ofthe admission. In cru fact from aound February they tied o find seasons to remove me fom the postion ut hey ‘vere unsucessfil Buta sid, Twas less concersed about reining my jobs my concem was doing ‘shat wae legally, chilly nd morally ight‘And to think that such money was paid a yea eater and nothing happened inthe ‘eonomy ‘The public dd even Know we hd pid simi sume the yea before This ws aga why for me; ould, fom an intesty pot of ew sce why ping teal to them in January could be comet. “The et we had paid in previous years had never been used in anyway hat beneiud the generality ‘ft County. 60, hy wT ben ry So pps capes he br gore ae? (Of cours, did know which way the election wou go, sit had nothing to do with the election. ‘wile iis obvi that ding an election, any money Pi oa goverment contesting election wll likey be used for eleconeering campaig, however, my focus was more on doing win is ght and ‘on corporate govemance, to aut fine and asthe law gave us lane, why aot wait und June? ‘Nobody can question that but i's jst alr of people will not have that type 0 courage. ‘You ae sight to sy that could be sk, but you canot liv a fe as ade bing nd of es. Tt is ites you do the ight thing or not. When Nelson Madea had to oppose black ling whites, he ‘wn aking tsk, they could have atacked im. There is wothing you do, expecially you ate ting to do the night thing that doesnt come ata dak At the ead of the da, ifs also how ou take the nsk. Tsat quaeling wth nybods, Iwas spy standing on the fies, “There is one question ta always remember for us leaders; te you doing things to make the company ‘oc country beter? That’ where think we have «gap a county. believe strongly ha ifwe want the county to get bertes, then we all mst do the righ things iererpecve ofthe aki comes with, because if we don, then the county wll never get betes. ‘The publicity that followed the money, am sure you didn't expect that. How did it happen? 1 ida expet the public, a the best had hoped for was forthe new Goverment 1 recogsize ‘NING’: conti ro the economy and lo tha they handle i taneparealy Upundl then, we ‘ould hardy say much in pubic about our contabuson to dhe government We were lays being hhuhed Twas only in Ap 2006 that forthe Sst ime in NENG history, that we mansparent bled all ur financial activities fem 1999 to date on our Fats and Figures fr the world see So, the actual nationwide bout impact was unexpected butt was a very good outenme because it showed that NING has inpact onthe Nigeian people, And it was so postive that those who never new NING exists, let alone a contabuot ro thee fe now knew we ate a big empacng player The cual publicity bough good forthe Company which war aot «bad thing and wal-deserving for {he Company Enunteye Ins amazed when far cxample Trt the Rar State Grmerne ae he thanked NLNG snd told me ofthe impact # made in his state So whilst we id notexpect the publicity, we guned atisficton from the fac that many ordinary Nigen people benefited from ur contibudon, and thafs exactly what should be