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Osinbajo Confess to Approving N640 billion JV Financing Contracts For NNPC

13 October 2017

However, this was reported in the media as an admission by Osinbajo that he actually approved some contracts for the NNPC, hence the need for the clarification.

The statement reads in part: "Approached by reporters after the ground-breaking multi-billion Naira historic Bonny-Bodo road project, in Bonny, Rivers State, Vice President Yemi Osinbajo, explained specifically that the approvals he granted to the NNPC while he was Acting President were for financing arrangements for the Joint Ventures between the corporation and IOCs, and not approvals for contracts".

He quoted the vice president as saying: "These were financing loans.

We expect the minister to start by showing an example by publicly apologizing over his leaked letter which almost brought down the integrity of the NNPC GMD, the administration of the President Muhammadu Buhari, and the Nigerian petroleum industry".

Speaking to journalists on Thursday Osinbajo said he only signed financing arrangements for the Joint Venture between the NNPC and International Oil Companies. Of course, you know what the Joint Ventures with the lOCs like Chevron are.

Earlier, his spokesperson, Laolu Akande, had tweeted that the vice president approved the joint venture financing in his capacity as acting president in July.

Kaduna-Arewa Consultative Forum, ACF, has called on President Muhammadu Buhari to call Minister of State for Petroleum Resources, Dr Ibe Kachikwu, and Group Managing Director of Nigerian National Petroleum Corporation, NNPC, Dr. Maikanti Baru, to order over their public exchanges on the running of the country's petroleum affairs.

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

Dr Baru's response led to questions about how the President who was away on medical vacation when some of the contracts were awarded approved them.

He had alleged that Baru using the NNPC awarded $25 billion contract without following due process.

On the allegations by the minister that major contracts were never reviewed or discussed by the NNPC Board, Baru said that the law and the rules do not require a review or discussion with the Minister of State or the NNPC Board on contractual matters.

Osinbajo Confess to Approving N640 billion JV Financing Contracts For NNPC