Osinbajo says he signed joint venture financing not NNPC contracts

Osinbajo says he signed joint venture financing not NNPC contracts

Akande added that the approvals were granted after carrying out due diligence and complying with laid down procedures.

Speaking to reporters during the ground-breaking of the multi-billion naira Bonny-Bodo road project in Rivers state on Thursday, Osinbajo said he gave the approval as required by the law.

It also laid to rest the report circulating that Buhari had approved contracts to the tune of N640 billion while on his sick bed in London despite handing over to Osinbajo as acting president at the time.

The Vice President, Professor Yemi Osinbajo says he granted authorisation to two ventures from the NNPC while President Muhammadu Buhari was away on medical leave.

"These (the NNPC approvals) were financing loans". Of course, you know what the Joint Ventures with the lOCs like Chevron are.

His words: " They were financing loans, joint venture loans, that have procured so in some cases NNPC ventures have to secure loans and they need the authorization to secure those loans.

"Action necessary to deal with huge backlog of unpaid cash calls which Buhari adm. inherited and also to incentivize much needed fresh investments in the oil & gas sector".

"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".

The NNPC GMD, however, denied the allegations insisting that due process was followed and appropriate approval received from the President.

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

Nigeria's state-owned oil firm on Monday denied awarding any contracts without following due process, dismissing as "baseless" claims by Petroleum Minister Ibe Kachikwu that the agency routinely flouts the law.

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