Office of the Vice President has described as totally false, reports that Vice President YEMI OSINBAJO approved contracts for the Nigerian National Petroleum Corporation while President BUHARI was away in London.
A statement by Mr LAOLU AKANDE, Spokesman of the Vice President on Friday evening said the approvals referred to were actually for financing arrangements in replacement of the traditional Joint Venture Cash Call obligations.
According to the statement, there were three such loan financing arrangements made for NNPC/Chevron Joint Venture Project NNPC/Chevron Accelerated Upstream Production Project and NNPC/Shell/Total/Agip Joint Venture Accelerated Upstream
The statement said while the first was approved by the President in person, the second and third were approved by the Vice President as Acting President.
These financings, according to the statement, are purely commercial loans obtained by NNPC and its Joint Venture partners, mainly from local and foreign banks.
This comes more than a week after the Minister of State for Petroleum, Dr IBE KACHIKWU, in a letter to President MUHAMMADU BUHARI, accused the Group Managing Director of the NNPC, Dr MAIKANTI BARU, of insubordination and of awarding contracts worth 25 billion dollars without due process.