Following his admission on Thursday, October 12, that he approved two oil contracts worth N640bn for the Nigerian Narional Petroleum Corporation while acting as acting President, Yemi Osinbajo has further clarified that what he approved were financing loans, not contracts.
According to a statement by his Senior Special Assistant on Media and Publicity, Mr. Laolu Akande, the Vice-President made the clarification while answering reporters’ questions after the groundbreaking ceremony of the multi-billion naira Bonny-Bodo Road project, in Bonny, Rivers State.
Akande quoted Osinbajo as explaining that the approvals he granted to the NNPC while he was Acting President were for financing arrangements for the Joint Ventures between the corporation and the IOCs, and not approvals for contracts.
“These 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,” Akande quoted the Vice-President as saying.