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UPDATE: Osinbajo approves financing arrangements for NNPC, not contracts - Aide
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By Staff Reporter
October 12, 2017 13:33:25pm GMT      |      Views: 385
Professor Yemi Osinbajo

WorldStage Newsonline--  Nigeria’s Vice President Yemi Osinbajo clarified earlier statement credited to him that he granted authorisation to the Nigerian National Petroleum Corporation (NNPC) for two oil contracts worth N640 billion when he was the Acting President, saying the approvals he granted were for financing arrangements for the Joint Ventures between the corporation and IOCs, and not approvals for contract.

According to a statement by Senior Special Assistant to the Vice President on Media and Publicity, Laolu Akande, the Vice President told reporters that approached him Thursday after the ground-breaking multi-billion Naira historic Bonny-Bodo road project, in Bonny, Rivers State, that: “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 authorisation to secure those loans while the President was away.

“The law actually provides for those authorisations. 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.”

Akande earlier today 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. This was, of course, necessary to deal with huge backlog of unpaid cash calls which the Buhari administration inherited, and to incentivize much needed fresh investments in the oil and gas sector.”

Minister of State for Petroleum Resources, Mr. Ibe Kachikwu had earlier accused Group Managing Director of NNPC, Mr. Maikanti Baru of making some illegal appointments and contract award without authorization by the board which he chairs.

But contrary to the position of the Vice President that what he approved were for financing arrangements, NNPC in a statement earlier said it received presidential approvals for two oil contracts on July 10 and July 31 worth $1 billion and $780 million, respectively.

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