Osinbajo's approval of NNPC joint venture followed due process - Akande

Stop the blackmail let Kachikwu be — Group

Vice President, Yemi Osinbajo (SAN), has explained that the approvals he granted the Nigerian National Petroleum Corporation (NNPC) while he was Acting President were for financing arrangements for Joint Ventures between the corporation and International Oil Companies (IOCs) and not approvals for contracts.

In a series of tweets, Akande had said Osinbajo signed the contracts while President Muhammadu Buhari was away in London, in his capacity as the Acting President.

Speaking to reporters during the ground-breaking of the multi-billion naira Bonny-Bodo road project in Rivers state on Thursday, Osinbajo said he gave the approval as required by the law.

"The NPDC production service contracts have undergone due process, while the AKK contract that requires [Federal Executive Council] FEC approval has not reached the stage of contract award", it added. "Of course, you know what the joint ventures are, with the lOCs, like Chevron, that had to procure", he said.

According to him, Osinbajo approved the recommendations for the contracts as part of necessary actions to deal with backlog of unpaid cash calls and incentivise investments.

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"While the President was away, the law actually provides for those authorizations".

But the agency said in a statement on Monday that Kachikwu's claims were not correct, as all the contracts it ever awarded had been approved by the NNPC tender's board - the agency's "final approving body" in contracts not exceeding $20 million.

He also accused Baru of reorganising the corporation without recourse to the Board of the NNPC.

The disclosure by Baru was made when he responded to the allegations made by the minister of state for petroleum resources, Ibe Kachikwu, over the unilateral award of hefty oil and gas contracts totaling about $25 billion by NNPC boss.

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