TRENDING: Osinbajo Denies Signing NNPC Dubious Oil Contract

Vice President Yemi Osinbajo has denied allegations that he approved contracts for the Joint Venture projects between the NNPC and IOCs.

According to him, he only approved loans for the financing arrangement as against the narrative in the media that he approved the controversial oil contracts reported by the Minister of State For Petroluem, Ibe Kachikwu.

Recall that in a memo to Buhari, Kachikwu had accused Maikanti Baru, Group Managing Director of the NNPC, of unilaterally approving  contracts without due process.

“Mr. President over one year of Dr. Baru’s tenure, no contract has been run through the Board,” Kachikwu alleged.

“The following major contracts were never reviewed or discussed by the Board, they are: The Crude Term contracts - value at over $10bn; The DSDP contracts- value over $5bn; The AKK pipeline contract- value approximately $3bn; Various financing allocation funding contracts with the NOCs – value over $3bn; Various NPDC production service contracts – valued at over $3bn–$4bn.”

‎Amidst the quagmire, Osinbajo in a bid to douse tension suddenly released a statement claiming he approved the said contracts while he was acting in the capacity of the President.

Accused of been involved in the $25 billion oil contract as he granted the approval, the Vice President ‎at the flagging off of the Bodo-Bonny Road, Rivers state on Thursday said: “These were financing loans. Of course, you know what the Joint Ventures are, with the lOCs, like Chevron, that had to procure.

“In some cases, NNPC and their Joint Venture partners have to secure loans and they need authorization to secure those loans while the President was away. The law actually provides for those authorizations.

“So, I did grant two of them and those were presidential approvals, but they are specifically for financing joint ventures and they are loans not contracts.”

Presently, Political analysts have accused Osinbajo of twisting his earlier statement by his spokesman, Mr. Laolu Akande who tweeted: “In response to media inquiries on NNPC joint venture financing, VP Osinbajo, as Ag President approved recommendations after due diligence & adherence to established procedure".

The analysts wondered why VP Osinbajo suddenly exonerated himself from the said contract barely 24 hours he said the contracts where approved by him after due diligence and adherence to established procedure.


Last modified on 13/10/2017
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