I approved NNPC contracts – Osinbajo

0

Vice-President Yemi Osinbajo says he approved contracts of the Nigeria National Petroleum Corporation (NNPC) when President Muhammadu Buhari was on medical vacation in the UK.

Ibe Kachikwu, minister of state for petroleum resources, had accused Maikanti Baru, group managing director (GMD) of the NNPC, of awarding contracts worth $25 billion without due process.

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

“Others are various financing allocation funding contracts with the NOCs valued over $3 billion as well as various NPDC production service contracts valued at over $3 billion to $4 billion”.

But the NNPC dismissed the allegations as “baseless”, maintaining that it followed due process in awarding contracts.

The company had also said Kachikwu’s consent was not needed in the award of the contracts which he complained about.

In a series of tweets on Thursday, Laolu Akande, spokesman of the vice-president, said Osinbajo approved the contracts as part of necessary actions to deal with a backlog of unpaid cash calls and incentivise investments.

“In response to media inquiries on NNPC joint venture financing, VP Osinbajo, as Ag President approved recommendations after due diligence & adherence to established procedure,” he tweeted.

“Action necessary to deal with huge backlog of unpaid cash calls which Buhari adm. inherited and also to incentivize much needed fresh investments in the oil & gas sector.”

Earlier, Baru had said he did not break any law.

Shares 0
Previous articleTRUECALLER EXECUTIVES TO VISIT NIGERIA IN NOVEMBER
Next articleOne Killed Along Lagos Abeokuta Expressway
We help you make sense of an increasingly complex information world with a wide range of perspectives and stories that will allow you take an informed decision. We are proud of our African heritage and keep our eyes on the world. As online media, we see digitalization as the foremost opportunity to reach new readers, customers, and African emerging markets. We are independent in our approach. Our philosophy is grounded in the principles of a free society, which Africa is coming to terms with yet not losing the essence of what makes us African, which is our culture. ….showcasing the best part of us! www.etimes.com.ng ======================== info@etimes.com.ng ======================== etimes.nigeria@gmail.com Phone: +234 802 893 1940
SHARE