NNPC says Vice President approved the $25bn controversial oil contracts

dimeji akinloye

October 12, 2017 9:52 AM

he NNPC said Osinbajo signed the approval of two oil contracts worth N640 billion during his time as the acting president.

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In a statement issued on Wednesday, October 11, the NNPC said Osinbajo signed the approval of two oil contracts worth N640 billion during his time as the acting president.

The "Acting President Yemi Osinbajo gave the approval", spokesperson for the NNPC, Ndu Ughamadu, said in the statement sent to Premium Times.

But Osinbajo's office could not confirm or deny the approval claims when the online news platform requested for comments.

The NNPC also said it received presidential approvals for two oil contracts on July 10 and July 31 worth $1 billion and $780 million, respectively.

Ughamadu confirmed that Osinbajo gave the approval for those too.

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The Minister of State for Petroleum Resources, Ibe Kachikwu, had in a leaked memo to President Muhammadu Buhari, accused the Group Managing Director of the NNPC, Maikanti Baru of abuse of contract regulations and insubordination.

Kachikwu alleged that Baru awarded up to $25 billion in oil contracts under different guises without the knowledge of the NNPC board or himself as its chairman.

dimeji akinloye