Posted on Mon 16 Oct 2017, 09:12 AM

Following several reports that ensued from a "leaked" memo sent to President Muhammadu Buhari in which the Minister of State for Petroleum Services, Mr. Ibe Kachikwu alleged that the Group Managing Director of the Nigerian National Petroleum Corporation, Mr.Maikanti Baru circumvented extant procurement regulation in awarding a series of contracts up to $25 billion, the Presidency has responded that there is no such thing.

According to Vice President Yemi Osinbajo, the NNPC only conducted a shortlisting process for crude oil lifting which did not involve the financial transactions alleged by the Minister. In a statement signed by the Vice Presidential spokesperson, Laolu Akande, the Vice President said "it is wrong and misleading to refer to them as though they are contracts involving the expenditure of NNPC funds.

Mr Ibe Kachiku had sent a memo to the President to report NNPC GMD, Mr Maikanti Baru on August 30. However, the memo was leaked on the internet on October 3 leading to speculations that President Muhammadu Buhari had not received the memo. This response from the office of the Vice President is the fifth on the subject matter.

While acknowledging the fact that he granted approvals for loans, the Vice President insisted during a project inspection in Rivers state that they should not be defined as contracts. The statement read in part that "I did not grant two of them and those were presidential approvals, but they are specifically for financing joint ventures and they are loans not contracts"

In the statement signed by Akande, the VP's office said that "both transactions are simply a shortlisting process, in which prospective off-takers of crude oil and suppliers of petroleum are selected under agreed terms, and in accordance with due process. It is therefore wrong and misleading to refer to them as though they are contracts..."

 

By Joseph Odeh

Add new comment

Filtered HTML

  • Web page addresses and e-mail addresses turn into links automatically.
  • Allowed HTML tags: <a> <em> <strong> <cite> <blockquote> <code> <ul> <ol> <li> <dl> <dt> <dd>
  • Lines and paragraphs break automatically.

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
By submitting this form, you accept the Mollom privacy policy.
Get the Latest News updates from Homeland New. Read more
Phone: +234 818 217 4858
Email: info@homelandnewsng.com

Newsletter

Subscribe to our Newsletter to get latest updates!

Connect With Us