Osinbajo Confirmed He Approved Oil Contracts For NNPC

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Vice-President Yemi Osinbajo on Thursday admitted that he approved the Nigerian National Petroleum Corporation joint venture financing contracts as disclosed by the government-owned oil firm.

Minister of state for Petroleum Resources, Dr. Ibe Kachikwu, had accused the Group Managing Director (GMD) of the NNPC, Dr Maikanti Baru, of awarding contracts without due process, an allegation which was denied by the NNPC.

The Senior Special Assistant to the Vice President on Media and Publicity, Mr. Laolu Akande, disclosed this in a series of tweets on his confirmed Twitter handle, @akandeoj.

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Akande added that Osinbajo approved the recommendations for the contracts as part of necessary actions to deal with the backlog of unpaid cash calls and incentivise investments.

He said Osinbajo approved the contract in his capacity as the Acting President when President Muhammadu Buhari was away on medical vacation.

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

“Action was necessary to deal with huge backlog of unpaid cash calls which Buhari administration inherited and also to incentivise much needed fresh investments in the oil and gas sector,” he said.

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