Osinbajo Confess to Approving N640 billion JV Financing Contracts For NNPC

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According to Akande, Vice President Yemi Osinbajo approved a new payment model, replacing the cash call system when he was the acting President.

Osinbajo, said in Bonny Island where he flagged off the Bodo-Bonny Road, Rivers State, Thursday that he approved two loans for the NNPC and not contracts.

Vice-President Yemi Osinbajo has cleared the air over his approval of two loans for the Nigerian National Petroleum Commission (NNPC) during his time as acting president.

But Mogaji, an energy expert, countered, saying that the President being the Minister of Petroleum and "substantive chairman of the board" gave his approval. Of course, you know what the joint ventures are, with the lOCs like Chevron that have to procure. The law actually provides for those authorisations.

But it was observed in some media reports that the two contracts were awarded when the President was away from the country.

"Earlier today, I had tweeted on the same matter thus: In response to media inquiries on the NNPC Joint Venture financing arrangements, VP Osinbajo, as Acting President, approved the recommendations after due diligence and adherence to established procedures".

Both the Minister of State for Petroleum Resources, Ibe Kachikwu and the NNPC Group Managing Director (GMD), Maikanti Baru, are supposedly in a cold battle over corruption allegations and accusations of insubordination Kachikwu claimed he was dealt with.

Akande said Osinbajo approved the recommendations for the contracts as part of necessary actions to deal with the backlog of unpaid cash calls and incentivise investments.

The presidency has refuted claims that President Muhammadu Buhari signed some oil contracts worth N648billion while he was on his sick bed in London.

"There are therefore situations where all that is required is the approval of the NNPC Tenders Board while, in other cases, based on the threshold, the award must be submitted for presidential approval".

He also expressed deep confidence in the president as a thorough, clean and meticulous leader whose interest is to better the lot of Nigerians.

He also accused Baru of reorganising the corporation without recourse to the Board of the NNPC.

To his audience made of scores of experts in oil and gas industry, he said: "The conversation has been largely misunderstood to border on fraud". Mr. President is a decent man and what he wants to achieve in this country is to leave a legacy for posterity.

"He is a honest leader, so nobody should accuse him of engaging in fraud".

Kachikwu praised the leadership of the NCDMB led by its Executive Secretary, Simbi Wakote, for a high performance in their activities anchored on promoting the Nigerian content issues in the oil and gas sector of the nation's economy.Meanwhile, Anambra, Benue Trough, Benin, Sokoto and Bida may soon be regarded as oil- producing areas as the Federal Government renewed its commitment to hydrocarbon exploration in these places.

"NCDMB is blessed in terms of the quality of personnel in that parastatal".

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