VP Osinbajo confirms approval of N640b oil contracts for NNPC

Joanna Estrada
October 12, 2017

A statement by Presidential Spokesperson, Laolu Akande, said Mr. Osinbajo approved the contracts in his capacity as acting president in July.

Osinbajo disclosed the approval for the NNPC contracts were given by him while President Muhammadu Buhari was on medical vacation in the UK.

While some Nigerians have called for the resignation of the NNPC GMD and probe of the NNPC, others have questioned who signed the contract, as they wonder whether Buhari signed it while in London hospital where he was receiving treatment as at the time the contract was signed.

He added that the approval was given after due diligence and adherence to established procedure.

In a letter to President Muhammadu Buhari, Kachikwu listed some of the contracts aas "crude term contracts valued at over $10 billion, DSDP contracts valued over $5 billion and AKK pipeline contract valued approximately $3bn".

The allegation had generated huge controversies in the polity, moreso that Kachikwu alleged that Baru awarded the contracts without following due process, describing it as a deliberate attempt to undermine his office.

In response to media inquiries on NNPC joint venture financing, VP Osinbajo, as Ag President approved recommendations after due diligence...

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

Other reports by Click Lancashire

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