Osinbajo Confess to Approving N640 billion JV Financing Contracts For NNPC

Buhari Presides Over FEC
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The Nigerian National Petroleum Corporation (NNPC) yesterday disclosed that it would invite investors to participate in its search for oil in seven inland basins of Nigeria, and was developing modalities for this.

There is confusion in the Presidency over the alleged approval of $25 billion contract by the Nigerian National Petroleum Corporation, NNPC, as the Vice President, Prof.

Similarly, the statement quoted Geidam, to have said his visit was informed by the commitment of President Muhammadu Buhari to increase Nigeria's oil reserves through the exploration of the Chad Basin.

Akande explained that the Vice President approved the recommendations for the contracts as part of necessary actions to deal with the backlog of unpaid cash calls and incentivise investments.

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"They were financing loans". Of course, you know what the Joint Ventures are, with the lOCs, like Chevron, that had to procure.

But contrary to the position of the Vice President that what he approved were for financing arrangements, NNPC in a statement earlier said it received presidential approvals for two oil contracts on July 10 and July 31 worth $1 billion and $780 million, respectively. In some cases, NNPC and their Joint Venture partners have to secure loans and they need authorization to secure those loans.

According to the vice president, the law actually provides for those authorisations.

Osinbajo's response came shortly after Laolu Akande, his spokesman, confirmed that his principal had approved recommendations (on the loans) "after due diligence and adherence to established procedures".

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Mpshe also wrongly invoked and relied on section 179 (d) of the Constitution when he made the decision, said Justice Leach. However, the president's legal team argued that they should be entitled to make fresh representations to the NPA.

However, Baru, had reacted to the allegations by the minister in a statement signed by the Group General Manager, Group Public Affairs Division, Ndu Ughamadu titled "Allegations of Lack of Adherence to Due Process in NNPC Contract Awards".

But it was observed in some media reports that the two contracts were awarded when the President was away from the country.

PANDEF, which is under the leadership of Chief Edwin Clark, demanded that the $25bn contracts and procurements made by the NNPC should be revoked and re-awarded after undergoing a thorough process of checks and balances.

On the allegations by the minister that major contracts were never reviewed or discussed by the NNPC Board, Baru said that the law and the rules do not require a review or discussion with the Minister of State or the NNPC Board on contractual matters.

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