I Approved Controversial NNPC Contracts – Yemi Osinbajo

by on October 12, 2017
Vice-President Yemi Osinbajo has admitted that he approved controversial multi-billlion dollar joint venture oil contracts for the Nigeria National Petroleum Corporation (NNPC) in his capacity as then Acting President.
The deals have pitched the Minister of State for Petroleum, Ibe Kachikwu against the Group Managing Director of NNPC, Makainti Baru.
Kachikwu had in a recently leaked to President Buhari, accused Baru of not following due process in the $25 billion contract awards, to which the NNPC boss responded that he got the approval of the President; who was on medical vacation at some point.
In a series of tweets on Thursday, Osinbajo’s spokesman, Laolu Akande, said it was the Vice-President who in his capacity as Acting President that endorsed the deals.
Akande said his boss acted so in order to offset huge debts to NNPC joint venture financing and to encourage further investments in the nation’s oil sector.
The tweets on Akande’s Twitter handle reads “In response to media inquiries on NNPC joint venture financing, VP Osinbajo, as Ag President approved recommendations after due diligence and adherence to established procedure.
“Action necessary to deal with huge backlog of unpaid cash calls which Buhari administration inherited and also to incentivize much needed  fresh investments in the oil & gas sector.”

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