NNPC Scandal: I did not approve the award of N640bn contract- Osinbajo

Chidi Samuel || Prof Yemi Osinbajo on Thursday explained that he approved loans for joint venture operations for Nigeria National Petroleum Corporations, NNPC, and its joint partners while he was acting President.

According to the Vice President, the approvals were strictly for financing joint ventures and not contracts.

Osibanjo’s reaction is coming in the wake of the contract scandal rocking the oil corporation made public by the leaked memo from the minister of state for petroleum resources, Ibe Kachikwu to president Muhammadu Buhari.

The group managing director of NNPC, Dr. Maikanti Baru had denied any wrongdoing, insisting that due process was followed in all its transactions.

The vice president’s name was dragged into the controversy on Wednesday when Ndu Ughamadu, the Spokesman for NNPC told an online publication that Osinbajo as Acting President approved the award of the two of contracts worth N640bn.

Before Osinbajo’s clarification later on Thursday, his spokesman Laolu Akande had twitted that the Vice President approved the joint venture financing in his capacity as the Acting President in July.

See also  Otti felicitates with Muslims on Eid-el-Kabir festival

Akande twitted, ”In response to media inquiries on NNPC joint venture financing, VP Osinbajo, as Ag President approved recommendations after due diligence…”

”…& adherence to established procedure. 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.”