Friday, 13 October 2017

I Did Not Approve NNPC Contracts...VP Osinbajo

Vice President Yemi Osinbajo on Thursday said he did not approve any Nigerian National Petroleum Corporation (NNPC) contract during his term as the acting president.
Osinbajo said he instead only approved loans for joint ventures. An action, he pointed out, which is within the ambit of the law.

Speaking in Bonny Island where he went to flag off the Bodo-Bonny Road, Osinbajo told reporters the approvals he granted to the NNPC were for financing arrangements for the Joint Ventures between the corporation and IOCs.

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.”

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