Osinbajo admits approving N640 billion oil contracts for NNPC

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Vice President Yemi Osinbajo has admitted granting authorisation to the NNPC for two oil contracts worth N640 billion while President Muhammadu Buhari was away receiving treatment in London.

A statement by presidential spokesperson, Laolu Akande, said Mr. Osinbajo approved the contracts in his capacity as acting president in July.
“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 necessary to deal with huge backlog of unpaid cash calls which Buhari administration inherited and also to incentivize much needed  fresh investments in the oil & gas sector,” Mr. Akande said.

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.

1 Comment

  1. The issue of adherence or disregard for due process remains unanswered.

    Meanwhile, I will like to believe that Osinbajo is owning up to what he truly did, and not involving himself in a coverup to protect Buhari. That would backfire on Osinbajo and imperil his image.

    –Collins Ezebuihe

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