Osinbajo Admits Approving Joint Venture Financing Contracts For NNPC

SAN FRANCISCO, October 12, (THEWILL) – The Vice President, Prof. Yemi Osinbajo on Thursday admitted approving the Nigerian National Petroleum Corporation, NNPC, joint venture financing contracts as disclosed by the state oil company.

The Senior Special Assistant to the Vice President on Media and Publicity, Mr. Laolu Akande, confirmed this in a series of tweets on his confirmed Twitter handle, @akandeoj.

Akande said Osinbajo approved the recommendations for the contracts as part of necessary actions to deal with the backlog of unpaid cash calls and incentivise investments.

He added that the approval was given after due diligence and adherence to established procedure.

Akande explained that his principal approved the contract in his capacity as the Acting President when President Muhammadu Buhari was away on medical vacation.

“In response to media inquiries on NNPC joint venture financing, VP Osinbajo, as Ag President approved recommendations after due diligence and adherence to established procedure.

“Action was necessary to deal with huge backlog of unpaid cash calls which Buhari administration inherited and also to incentivise much needed fresh investments in the oil and gas sector,” he said.

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