I gave approval for NNPC loans not contracts – Osinbajo clarifies

By Tony Edike on 12/10/2017

Share on facebook Yahoo mail icon Gmail icon

Views: 945


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.

He made this clarification on Thursday while addressing reporters after the ground-breaking ceremony for the multi-billion Naira historic Bonny-Bodo road project, in Bonny, Rivers State.

“These (the NNPC approvals) 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,” he said.

Earlier, his Senior Special Assistant on Media and Publicity, Laolu Akande, had tweeted on the same matter.

He wrote: “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.

“This was, of course, necessary to deal with huge backlog of unpaid cash calls which the Buhari administration inherited, and to incentivize much needed fresh investments in the oil and gas sector.”

Posted 12/10/2017 7:52:49 PM

 

Share on facebook Yahoo mail icon Gmail icon


 

You may also like...
2019: Impostors trying to submit fake names to...

Drama as APC chieftain defects to PDP, places...

Don’t blame only me for Nigeria’s problems –...

Fuel scarcity may end in days – Major...

PDP presidential primary: Wike formally speaks on Atiku’s...

‘If the President condones disrespect, I will not,’...

Ekwueme finally flown abroad

Gov. Ugwuanyi begs FG to hand over land...

Nigeria now Painted Red with Blood – Dogara...

APC has failed, PDP will return to power...

Alleged Daura loot: Come clean with Nigerians, PDP...

Ex-governor Adebayo, Keyamo, Arise, others get board appointments...

 

Latest News I’ll sell 90% of NNPC if elected – Atiku N13bn project: Why we dragged Ayogu to EFCC --Enugu community 2019: Buhari, Oshiomhole meet, set to announce APC campaign date CAN visits Buhari, says APC becoming corrupt politicians’ safe haven 2019: Don’t involve us in your devious propaganda – Enugu workers, traders tell Ayogu Eze camp EFCC arrests 23 OOU students, 12 others for Internet fraud Ohanaeze: Igbos can’t achieve Biafra through war – Nwodo Insecurity: I know how Boko Haram started – Atiku Nigeria to emerge world’s second largest rice importer in 2019 –US agency Restructuring agenda won Igbo support for Atiku Sen. Uzodinma denies arrest, vows to remain focused on governorship race DSS grills Oshiomhole over APC primaries

 

Most Read NAFDAC eases processes, cost of registering products for MSMEs (7,059 views) Full Text of Governor Ifeanyi Ugwuanyi’s 2016 Budget Speech (5,673 views) Ex-Heads of State will protect Jonathan from persecution —Kukah (5,391 views) IPOB: ‘We need urgent clarifications on Nnamdi Kanu’s status, whereabouts’, UK Govt tells FG (4,861 views) ASUU strike: Senate intervention ends in deadlock (4,758 views) Ex-governor Adebayo, Keyamo, Arise, others get board appointments (3,960 views) Ugwuanyi commends FG’s siting of ICT University in Enugu (3,742 views) Prince Arthur Eze canvasses support for Buhari, Ugwuanyi (3,694 views) Nigeria ripe for Restructuring Now – Nwodo in Chatham House (3,693 views) Anambra: INEC releases 37 candidates for Nov poll (3,655 views) Buhari has disappointed Nigerians – Arewa Youth Forum (3,645 views) Quit notice: Kaduna Govt obtains bench warrant against Northern youths (3,633 views)

 

SECTIONS NEWS (609) EDITORIAL (6) POLITICS (383) SOCIETY (104) SPORTS (13) BUSINESS (225) HEALTH (16) EDUCATION (16) INTERNATIONAL (30) ENTERTAINMENT (8) TECHNOLOGY (1) COLUMNISTS (0) LETTERS (0) OPINION (8)

 

 

Julius Agwu - Crazy Interview Demands