NNPC: Osinbajo admits approving N640 billion Oil contracts

Stop the blackmail let Kachikwu be — Group

Yemi Osinbajo, on Thursday said that he only approved two loans for the Nigeria National Petroleum Corporation (NNPC) and not contracts.

According to ThisDay report, the vice-president's admittance however was in contradiction to the allegation by Kachikwu that all the contracts were awarded in violation of due process.

Osinbajo's Senior Special Assistant on Media and Publicity, Laolu Akande had earlier said that the Vice President approved contracts for NNPC.

However, Osinbajo who was the acting president when the contracts were awarded insisted that he approved the contracts "after due diligence" had been complied with and in accordance with laid down rules and regulations.

"Action was necessary to deal with huge backlog of unpaid cash calls which Buhari administration inherited and also to incentivise much needed fresh investments in the oil and gas sector", he said.

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. In some cases, NNPC and their Joint Venture partners have to secure loans and they need authorisation to secure those loans while the President was away.

"While the President was away, I granted authorization which is what the law provides".

The NNPC had stated in the response that two presidential approvals were granted to the NNPC for contracts with Shell Nigeria and Chevron at the rate of $1 billion and $780 million respectively.

In a letter to President Muhammadu Buhari, Kachikwu listed some of the contracts aas "crude term contracts valued at over $10 billion, DSDP contracts valued over $5 billion and AKK pipeline contract valued approximately $3bn".

But in another statement issued after his tweets had been published, the spokesman quoted the Vice President as saying that he specifically gave approvals for financing arrangements for the Joint Ventures between the corporation and IOCs, and not approvals for contracts.

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