Osinbajo Admits Approving Oil Contracts For NNPC

Leslie Hanson
October 12, 2017

Vice-President Yemi Osinbajo has cleared the air over his approval of two loans for the Nigerian National Petroleum Commission (NNPC) during his time as acting president.

He added that the Vice President approved the contract in his capacity as the Acting President when the President was from the country.

In response to media inquiries on NNPC joint venture financing, VP Osinbajo, as Ag President approved recommendations after due diligence...

But contrary to the position of the Vice President that what he approved were for financing arrangements, NNPC in a statement earlier said it received presidential approvals for two oil contracts on July 10 and July 31 worth $1 billion and $780 million, respectively.

Osinbajo denied in another tweet while he was still in Bonny Island Rivers State where he had gone to flag off the Bodo-Bonny Road project.

"These (the approvals) were (for) financing loans".


"While the President was away, the law actually provides for those authorizations".

Professor Osinbajo said on Thursday, that the approvals were specifically for financing joint ventures through loans and not contract.

The allegation had generated huge controversies in the polity, moreso that Kachikwu alleged that Baru awarded the contracts without following due process, describing it as a deliberate attempt to undermine his office.

"These transactions were not required to be presented as contracts to the Board of NNPC and, of course, the monetary value of any crude oil eventually lifted by any of the companies goes straight into the federation account and not to the company".

Nigeria's state-owned oil firm on Monday denied awarding any contracts without following due process, dismissing as "baseless" claims by Petroleum Minister Ibe Kachikwu that the agency routinely flouts the law.

Other reports by Iphone Fresh

Discuss This Article

FOLLOW OUR NEWSPAPER