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News Update (October 12, 2017 09:19:24am...)
Nigeria: VP Osinbajo confirms approval of N640b oil contracts for NNPC


WorldStage Newsonline-- Nigeria’s Vice President Yemi Osinbajo on Thursday admitted that he granted authorisation to the Nigerian National Petroleum Corporation (NNPC) for two oil contracts worth N640 billion when he was the Acting President.

Senior Special Assistant to the Vice President on Media and Publicity, Laolu Akande confirmed this on his twitter page, @akandeoj, on Thursday, saying that Osinbajo approved the contracts in his capacity as acting president in July.

“In response to media inquiries on NNPC joint venture financing, VP Osinbajo, as Ag President approved recommendations after due diligence.”

Minister of State for Petroleum Resources, Mr. Ibe Kachikwu had earlier accused Group Managing Director of NNPC, Mr. Maikanti Baru of making some illegal appointments and contract award without authorization by the board which he chairs.

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

Meanwhile, Akande said Osinbajo had arrived Bonny Island for ground-breaking of multi-billion naira historic Bonny-Bodo road that links up the Island.

He said, the vice president, after brief tour of NLNG plant, moved to the palace of Amanayabo of Grand Bonny Kingdom King Edward Asimini William, ahead of ground-breaking ceremony.

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