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techkenyot.com December 13, 2017


Osinbajo Confess to Approving N640 billion JV Financing Contracts For NNPC

12 October 2017, 10:50 | Silvia Roy

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Vice President Yemi Osinbajo has taken responsibility for granting authorisation to the NNPC for two oil contracts worth N640 billion.

Different reactions have continued to trail the leaked memo written by the Minister of State for Petroleum, Ibe Kachikwu, to President Buhari where he accused the Group Managing Director of the NNPC, Maikanti Baru of insubordination and award of contracts without due process.

Spokesman of the Vice-President, Laolu Akande in a series of tweets on Thursday Osinbajo approved the contracts.

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He said this was to deal with a huge backlog of unpaid cash calls and incentivise investments.

The statement quoted Osinbajo as saying: "These were financing loans. Of course, you know what the joint ventures are, with the lOCs, like Chevron, that had to procure", he said.

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"The law actually provides for that authorization, so I did grant all of those, in fact, there were two of them but those are presidential approvals but they are specifically for financing joint ventures and they are Loans not Contracts", the Vice President added.

But the agency said in a statement on Monday that Kachikwu's claims were not correct, as all the contracts it ever awarded had been approved by the NNPC tender's board - the agency's "final approving body" in contracts not exceeding $20 million.

However, Baru has denied that the contracts, which he said had no monetary value attached, were unilaterally awarded as they had the approval of the president.

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Kachikwu in his memo to President Buhari, also stated that when the president was unwell in London for several months between May and August, Baru tried to get direct approval from Acting President Osinbajo for some personnel changes at the NNPC.



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