Osinbajo says he approved controversial $25bn NNPC Contracts

OrijoReporter.com, Yemi Osinbajo

Vice-President Yemi Osinbajo may have laid to rest a part of the controversy surrounding the approval of $25billion worth of contracts in the Nigerian National Petroleum Corporation (NNPC).

Read also: NNPC exposes Kachikwu, says Minister got contracts for nine firms

Minister of State for Petroleum Resources, Ibe Kachikwu had accused the Group Managing Director of NNPC, Dr. Maikanti Baru, of bypassing him in the approval of the contracts, comprising $10billion Crude Term Contracts in a letter to President Muhammadu Buhari, which was leaked to the media.

Controversy trailed the letter with reports having it that Dr. Baru got the contracts approved in London by Buhari while the President was on medical vacation.

But Prof. Osinbajo, who was then the Acting President as at the time the contracts were approved, on Thursday cleared the air on the approval.

In a series tweets via his Twitter handle, @akandeoj, Osinbajo’s aide, Mr. Laolu Akande, said his principal approved the contracts.

Akande tweeted: “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.”

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