ADVERTISEMENT

I signed NNPC financing arrangements not contract as acting President - VP

Osinbajo explained that the approvals he granted to the NNPC while he was Acting President were for financing arrangements and not contracts.

In a statement by Laolu Akande, the Senior Special Assistant to the President on Media & Publicity, Osinbajo explained specifically that the approvals he granted to the NNPC were for financing arrangements.

Approached by reporters after the multi-billion Naira historic Bonny-Bodo road project, in Bonny, Rivers State, Osinbajo explained that the approvals he granted to the NNPC while he was Acting President were for financing arrangements for the Joint Ventures between the corporation and IOCs, and not approvals for contracts.

ADVERTISEMENT

He said: “These were financing loans. Of course, you know what the Joint Ventures are, with the lOCs, like Chevron, that had to procure. In some cases, NNPC and their Joint Venture partners have to secure loans and they need authorisation to secure those loans while the President was away. The law actually provides for those authorisations. So I did grant two of them and those were presidential approvals, but they are specifically for financing joint ventures and they are loans not contracts."

He referred to his tweets earlier on Thursday, October 12, 2017, saying "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. This was, of course, necessary to deal with huge backlog of unpaid cash calls which the Buhari administration inherited, and to incentivize much needed fresh investments in the oil and gas sector."

ADVERTISEMENT

There had been controversies over the awarding of contracts by the NNPC under the watch of the Group Managing Director of NNPC, Dr Maikanti Baru.

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.
ADVERTISEMENT

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.ng

Recommended articles

Gambling investment is evil, will take away everything - Cleric warns youths

Gambling investment is evil, will take away everything - Cleric warns youths

All teachers need to learn digital skills to earn their students’ respect

All teachers need to learn digital skills to earn their students’ respect

Lagos lawmaker begins road construction in Yaba to ease residents' plights

Lagos lawmaker begins road construction in Yaba to ease residents' plights

Over 100 inmates in Kano seek mercy, review of death sentences

Over 100 inmates in Kano seek mercy, review of death sentences

FG shuts KFC outlet that 'humiliated' Gbenga Daniel's wheelchair-bound son

FG shuts KFC outlet that 'humiliated' Gbenga Daniel's wheelchair-bound son

Reps vow to retrieve sold Govt helicopters, summon aviation ministers

Reps vow to retrieve sold Govt helicopters, summon aviation ministers

Distress of abducted Kuriga school children led to successful rescue - DHQ

Distress of abducted Kuriga school children led to successful rescue - DHQ

Reps halt NASU's strike to resolve dispute between FG, universities

Reps halt NASU's strike to resolve dispute between FG, universities

Lagos VIS seizes 50 unroadworthy vehicles in enforcement operation

Lagos VIS seizes 50 unroadworthy vehicles in enforcement operation

Pulse Sports

Nigeria vs Mali: Has Finidi George done enough to land Super Eagles job permanently?

Nigeria vs Mali: Has Finidi George done enough to land Super Eagles job permanently?

I want to emulate Keshi and win the AFCON - Finidi George shares ambitious Super Eagles dream

I want to emulate Keshi and win the AFCON - Finidi George shares ambitious Super Eagles dream

Michelle Alozie: I had to do it because of African referees

Michelle Alozie: I had to do it because of African referees

AC Milan star reveals he was named after Super Eagles legend Tijani Babangida

AC Milan star reveals he was named after Super Eagles legend Tijani Babangida

Give him the job! Super Eagles fans beg NFF to make Finidi George permanent coach after Nigeria's win over Ghana

Give him the job! Super Eagles fans beg NFF to make Finidi George permanent coach after Nigeria's win over Ghana

Super Eagles 2-1 Black Stars: Nigerians praise Iwobi, Lookman, Finidi George after friendly victory against Ghana

Super Eagles 2-1 Black Stars: Nigerians praise Iwobi, Lookman, Finidi George after friendly victory against Ghana

ADVERTISEMENT
ADVERTISEMENT