Osinbajo, Not Buhari Approved N648bn NNPC Contracts - Presidency
13 October, 2017, 10:24 | Author: Darnell Taylor
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.
It's over! Robert Pattinson and FKA Twigs have reportedly called it quits after three years together. In the past few months, there seemed to be water in the gas between Robert Pattinson and FKA Twigs .
Puri to hold off the hike for some time, suggesting that the Delhi government and the Centre bear the losses equally. On May 8, the Delhi Metro Rail Corporation had approved the fares to be increased in two rounds.
Doctors rushed mum into the operating theatre, fearing she could suffer a risky internal bleed and go into shock. This prompted doctors to proceed with caesarean surgery to deliver the baby within a 10 minute window.
The fund owned 447,672 shares of the coffee company's stock after buying an additional 28,979 shares during the quarter. Narrowing in a bit closer, the 5 month price index is 0.91352, the 3 month is 0.95866, and the 1 month is now 1.03141.
I mean, I'll tell you, I think we spoke to him or offered him a role in Captain America: The First Avenger . Suffice to say, the actor goes full Goldblum in the upcoming film, and it's sure to be an absolute delight.
Chicago Equity Partners LLC bought a new position in Whiting Petroleum Corporation in the 2nd quarter worth $102,000. Gotham Asset Management LLC boosted its holdings in Whiting Petroleum Corporation by 22.8% in the 1st quarter.
The UAE announced it will terminate the missions of North Korea's non-resident ambassador and its own envoy to Pyongyang. A growing number of countries have also expelled North Korean diplomats and scaled back economic ties.
FNY Managed Accounts LLC acquired a new stake in shares of General Motors in the 1st quarter valued at approximately $107,000. The Cornerstone Capital Management Holdings Llc holds 815,802 shares with $9.13M value, down from 1.07 million last quarter.
The financial services provider reported $1.30 EPS for the quarter, topping analysts' consensus estimates of $1.28 by $0.02. The total amount of shares outstanding is 1.06 billion, giving the company a market capitalization of about 56.32 billion.
While Citi's trading desks focus heavily on bond and currency trading, it was the bank's other trading desks that stood out. Trading revenue during the fourth quarter of 2016 benefited from a surge in trading activity following the USA election.
Caines s believed to have reported the abuse to authorities in October 2014, prompting social workers to check on Smith. Bobby was charged with second-degree assault, which is now pending in court, according to The Post .
Brent crude futures, the global benchmark for oil prices, were down 78 cents, or 1.4%, at $56.16 late morning Thursday. Distillate stocks fell by 1.5 million barrels, short of expectations for a drop of 2.2 million barrels.
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