Mr. Mundra told members of the Senate Committee on Privatisation that $575million had been injected into the company since privatization and that N33.9 billion had been paid as dividend to the federal and Rivers State governments since its acquisition from the federal government in 2006.
The committee members were led by its Chairman, Senator Olugbenga Obadara who were at the plant last week in continuation of their oversight visit to privatized enterprises in Rivers State.
According to a press statement from the Bureau of Public Enterprises (BPE) the IEPL chief executive gave the breakdown of the N33.9 billion dividend paid as N8.71billion to Rivers State and N25.2 billion to the Bureau of Public Enterprises and the Nigerian National Petroleum Corporation. Mr. Mundra disclosed that the company also paid about N15.61 billion in taxes to the federal and state governments. These include value added tax, customs duty, withholding taxes and Pay As You Earn (PAYE).
