Osinbajo admits approving contracts for NNPC

Posted by Grand News | 12 October 2017 | 1,456 times

•Vice President Osinbajo

The Vice President, Prof. Yemi Osinbajo on Thursday admitted approving the Nigerian National Petroleum Corporation, NNPC, joint venture financing contracts as disclosed by the state oil company.  The Senior Special Assistant to the Vice President on Media and Publicity, Mr. Laolu Akande, confirmed this in a series of tweets on his confirmed official Twitter handle, @akandeoj.

Akande said 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 added that the approval was given after due diligence and adherence to established procedure.

He further said that his principal 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.

It has been suggested in some media reports that President Muhammadu Buhari approved the contracts while away in the United Kingdom for medical vacation, fuelling suspicion that the Vice President was merely a figure head even after President Buhari wrote the National Assembly handling power over to Osibanjo.

Source: Grand News

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