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BREAKING News: VP Osinbajo Admits Approving N640 billion Oil Contracts for NNPC

VP Yemi Osinbajo

Vice President Yemi Osinbajo has taken responsibility for granting authorisation to the Nigeria National Petroleum Corporation (NNPC) for two oil contracts worth N640 billion, according to a report by Premium Times.

The report revealed that Osinbajo admitted approving the contracts in a statement released  by presidential spokesperson, Laolu Akande. The approval was given in his capacity as acting president in July.

“In response to media inquiries on NNPC joint venture financing, VP Osinbajo, as Ag President approved recommendations after due diligence,” Mr. Akande said.

The admission comes after the Minister of State for Petroleum, Ibe Kachikwu had accused the NNPC GMD,  Dr. Maikanti Baru of insubordination and approval of contracts without due process.

But, in response, the NNPC had stated in the response that two presidential approvals were granted to the NNPC for contracts with Shell Nigeria and Chevron at the rate of $1 billion and $780 million respectively.

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