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: 685


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...
HORROR: 71-year-old Nigerian tied with a rope, gagged...

Massacre in Zamfara as gunmen kill 41

Beating of Permanent Secretary: Labour gives Ugwuanyi 14-day...

Ekweremadu, IPOB, trade union condemn bomb attack on...

Israel shoots down rocket fired from Gaza

Sickle cell support group seeks lgovernment intervention

Buhari meets National Assembly leaders

Herdsmen, farmers’ clashes: Over 257 killed this year...

Restructure to save Nigeria, South, Middle Belt leaders...

Ohanaeze youths warn IPOB against disrupting Igbo summit...

FG plans to assassinate me, says Wike

FG targets 15m jobs

 

Latest News Court declared me wanted to embarrass me – Innoson boss, Innocent Chukwuma Ekiti Deputy Speaker, Chief Whip impeached, replaced Armed policemen invade residence of ex-President Jonathan’s aide PDP chairman, four others sent to prison until they meet bail conditions Buhari’s bill on water resources splits northern, southern senators Court remands man, 41, for allegedly raping four daughters Killings: Buhari thanks Nigerians for understanding, support Bauchi Deputy Governor Resigns Metuh’s trial to continue in his absence, Court rules Nigerian Military raises alarm over Malicious Rape Report by Amnesty International Assassination allegation: Why Wike hasn’t been quizzed – FG 2019: Apart from Abacha, other Heads of State have no love for Nigeria – Pres. Buhari

 

Most Read NAFDAC eases processes, cost of registering products for MSMEs (5,779 views) Full Text of Governor Ifeanyi Ugwuanyi’s 2016 Budget Speech (3,837 views) Ex-Heads of State will protect Jonathan from persecution —Kukah (3,457 views) IPOB: ‘We need urgent clarifications on Nnamdi Kanu’s status, whereabouts’, UK Govt tells FG (3,243 views) ASUU strike: Senate intervention ends in deadlock (3,192 views) Ex-governor Adebayo, Keyamo, Arise, others get board appointments (2,657 views) Nigeria ripe for Restructuring Now – Nwodo in Chatham House (2,419 views) Quit notice: Kaduna Govt obtains bench warrant against Northern youths (2,355 views) Buhari has disappointed Nigerians – Arewa Youth Forum (2,300 views) Ugwuanyi commends FG’s siting of ICT University in Enugu (2,287 views) Anambra: INEC releases 37 candidates for Nov poll (2,205 views) Chime not owner of Enugu Mall – Spar (1,957 views)

 

SECTIONS NEWS (67) EDITORIAL (3) POLITICS (265) SOCIETY (94) SPORTS (5) BUSINESS (135) HEALTH (10) EDUCATION (11) INTERNATIONAL (19) ENTERTAINMENT (4) TECHNOLOGY (0) COLUMNISTS (0) LETTERS (0) OPINION (7)

 

 

Julius Agwu - Crazy Interview Demands