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I approved NNPC contracts, Osinbajo reveals

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-Vice President Yemi Osinbajo admits approving NNPC contracts.

-He further revealed the approval followed due process and diligence.

Vice-President Yemi Osinbajo, on Thursday debunked rumours that the $25 billion NNPC contract was approved by President Muhammadu Buhari on his sick bed.

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

Minister of state for petroleum resources, Ibe Kachikwu had accused the group managing director (GMD) of the NNPC, Maikanti Baru of awarding contracts worth $25 billion without due process.

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.

“Others are various financing allocation funding contracts with the NOCs valued over $3 billion as well as various NPDC production service contracts valued at over $3 billion to $4 billion”.

READ ALSO: NNPC: 5 Things Kachikwu Revealed In His Leaked Letter To Buhari

The NNPC however, dismissed the allegations, maintaining that it followed due process in awarding contracts and also said Kachikwu’s consent was not needed in the award of the contracts which he complained about.

In a series of tweets on Thursday, Laolu Akande, spokesman of the vice-president, said Osinbajo approved the contracts as part of necessary actions to deal with a backlog of unpaid cash calls and incentivise investments.

“In response to media inquiries on NNPC joint venture financing, VP Osinbajo, as Ag President approved recommendations after due diligence & adherence to established procedure,” he tweeted.

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Updated on December 15, 2017 at 8:05 am