Osinbajo, Not Buhari Approved N648bn NNPC Contracts - Presidency

13 October, 2017, 10:24 | Author: Darnell Taylor
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In a letter to President Muhammadu Buhari, Kachikwu listed some of the contracts as "crude term contracts valued at over $10 billion, DSDP contracts valued over $5 billion and AKK pipeline contract valued approximately $3bn".

Osinbajo, said in Bonny Island where he flagged off the Bodo-Bonny Road, Rivers State, Thursday that he approved two loans for the NNPC and not contracts.

The Lead Director of the Centre for Social Justice, Eze Onyekpere, and the Group Vice President and Head, Energy Division of Platinum Vault Group, Muazu Mogaji, on Thursday disagreed over the recent controversy rocking the Nigerian National Petroleum Corporation (NNPC).

The NNPC boss was also quoted as saying that the 25 billion dollars for financing arrangements between the corporation and IOCs had presidential approval. Of course, you know what the Joint Ventures are, with the lOCs, like Chevron, that had to procure.

"While the President was away, I granted authorization which is what the law provides".

In debunking the initial tweet by his media aide, Osinbajo said he only approved loans bothering on backlog of unpaid Joint cash call ventures and not contracts as earlier stated.

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.

Baru has earlier in the week responded to Kachikwu's allegations of lack of adherence to due process in the award of NNPC contracts.

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He said that the presidential approvals were specifically for financing joint ventures, and they were loans not contracts.

In response to media inquiries on the NNPC Joint Venture financing arrangements, VP Osinbajo, as Acting President, approved the recommendations after due diligence and adherence to established procedures.

It also condemned the manner by which Kachikwu was allegedly sidelined despite being the chairman of the NNPC board in the awards of contracts and appointments, adding that such disdain was an insult on the people of the Niger Delta region from where the nation's oil and gas are produced.

"The conversation has been largely misunderstood to border on fraud".

"People dwell much on issues of sensationalism and leave the main substance".

He commended the management of NCDMB headed by its executive secretary, Mr. Simbi Wakote, for promoting and enforcing Nigerian content in the oil and gas sector.

He announced that by next year, the facilities in Port Harcourt and Kaduna would be available to train unskilled Nigerians to acquire skills in the oil and gas sector, adding that the Petroleum Trust Development Fund (PTDF) and the Petroleum Training Institute (PTI) would be responsible for the programme.

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