I Approved NNPC Contracts after Due Diligence, Says Osinbajo

BREAKING Kachikwu Baru meet discuss potentials in oil sector

BREAKING Kachikwu Baru meet discuss potentials in oil sector

Vice President Yemi Osinbajo has admitted to approving said contracts.

The Presidency has responded to inquiries on the operations of the joint venture cash calls in the oil industry, stating that the reversal of the payment model followed due process.

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

Kachikwu, had in a leaked letter dated August 30, 2017 and addressed to President Muhammadu Buhari, alleged that Baru awarded contracts to the tune of $25 billion and simultaneously made senior executive appointments without due consultations with the Board of the NNPC as required by law.

"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".

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.

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

"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".

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