Nigeria LNG Named Indigenous Company of the Year
Nigeria’s liquefied natural gas exporter, Nigeria LNG, has been named the country’s best indigenous company.
Marketing consultants Jake Riley, in partnership with the country’s Federal Ministry of Industry, Trade and Investment (FMITI), released its latest rankings, which placed international giants ExxonMobil, Shell and Chevron in the top three, with Nigeria LNG coming fourth.
The top 100 companies make up 20 percent of the country’s GDP, and other firms in the top 10 include Total Nigeria, MTN, Dangote Group, OandO, Eni-Agip and First Bank Nigeria Plc.
To rate the companies, the Top 100 Businesses Assessment Committee, chaired by Executive Secretary and Chief Executive Officer of the Financial Reporting Council Jim Obazee, collated and verified information from annual reports, the Financial Reporting Council, the Nigerian Stock Exchange and reports from private companies that publish revenue figures, to decide the winners.
Since 1999 Nigeria LNG has produced around 3,250 cargoes of liquefied natural gas and natural gas liquids. The company has also paid dividends to shareholders of approximately $30 billion, the major shareholder being the Nigerian National Petroleum Corporation (49 percent stake).
The company supplies around 80 percent of cooking gas to the domestic market.