Osinbajo: Why I approved NNPC loans

Osinbajo: Why I approved NNPC loans

Members of the Independent Petroleum Marketers Association Of Nigeria (IPMAN) has charged the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu to tender an apology over the leakage of the memo he wrote to President Muhammadu Buhari, stressing that the action belittled the integrity status of the Group Managing Director of Nigeria National Petroleum Corporation (NNPC) as well as that of the current administration.

Akande said he too had earlier yesterday tweeted on the same matter thus: "In response to media inquiries on the NNPC Joint Venture financing arrangements, VP Osinbajo, as Acting President, approved the recommendations after due diligence and adherence to established procedures".

Akande quoted Osinbajo as making the clarifications in Bonny, Rivers State, after the groundbreaking ceremony of the Bonny-Bodo Road project.

A communique at the end of its National Executive Council (NEC) meeting, signed by Publicity Secretary Muhammad Ibrahim Biu, said: "The meeting was concerned about the open altercation between the minister and GMD of NNPC, over allegations of contract awards bordering on managerial imperfection and acts of insubordination".

He also said the approvals were for financing arrangements for the joint ventures between the NNPC and global oil companies (IOCs), and not approvals for contracts.

Osinbajo has now denied the claims.

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Osinbajo however disassociated himself from his aide's tweets saying, "They were financing loans, joint venture loans, that have procured so in some cases NNPC ventures have to secure loans and they need the authorization to secure those loans".

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

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.

He had also alleged that the $25 billion contract was struck without consulting the office of the Minister of State for Petroleum Resources or the board of the corporation.

The NNPC GMD, however, denied the allegations insisting that due process was followed and appropriate approval received from the President.

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