$25bn Oil Deal: VP Yemi Osinbajo Approved Loans Not Contracts

$25bn Oil Deal: VP Yemi Osinbajo Approved Loans Not Contracts

The Presidency has again faulted claims that $25 billion oil contracts were awarded by the the Nigeria National Petroleum Corporation (NNPC) or is $25 billion NNPC fund missing.

The Senior Special Assistant on Media and Publicity, to the Vice President, Laolu Akande, in yet another statement insisted that no contracts were procured by the NNPC based on the leaked memo of the Minister of State for Petroleum Resources, Ibe Kachikwu.

According to Akande, a closer look at each of the projects indicates that “these are not procurement contracts.”

He reiterated that Vice President Yemi Osinbajo approved Joint Venture financing arrangements as acting president and did not award contracts worth N640 billion as erroneously reported.

What is more important, the presidential media aide submitted that “when you look diligently at the referenced projects/transactions one by one, you will see, as NNPC has shown, that none of them was actually a procurement contract.”

“Take both the Crude Term Contract and the Direct Sale, Direct Purchase (DSDP) agreements for instance, these are not procurement contracts involving the expenditure of public fund. 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.”

He said “As you now know, the Honorable Minister of Petroleum Resources himself has in fact clarified that he meant to focus on administrative and governance issues, not red-flag any fraud – because no fraud exists in this matter.”

For both transactions, Akande said is inaccurate to attach $10 billion and $5 billion values on them. “Attaching monetary values to these contracts is an arbitrary act that completely distorts understanding of the situation.”

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