Home Business Kachikwu -Baru Row: Osinbajo Confirms Approving Payments For NNPC JVC

Kachikwu -Baru Row: Osinbajo Confirms Approving Payments For NNPC JVC


Vice President Yemi Osinbajo has cleared the air over who approved payments for NNPC Joint Venture Financing project while President Muhammadu Buhari was on medical leave.

Osinbajo confirmed through his media aide that he indeed approved the payments in his capacity as acting President.

The vice president’s media aide, Laolu Akande stated this on his twiiter handle when he wrote “In response to media inquiries on NNPC joint venture financing, VP Osinbajo, as Ag President approved recommendations after due diligence .& adherence to established procedure.

He  added that the “Action necessary to deal with huge backlog of unpaid cash calls which Buhari adm. Inherited & adherence to established procedure..”

The tweet however did not state the exact amount of money  for which approval was made .

NNPC had in a statement in response to Ibe Kachikwu who accused Baru of not following due process had listed   financings taken under this adminsitration.See the excerpts of NNPC statement below:

‘Financings taken under this Administration: Approx. $3bn are as follows:

‘All established due process as enumerated above has been observed leading to the securing of financing for the following projects in 2016/2017:

·         SN ·         PROJECT ·         Amount (US$mn) APPROVALS ·         LOAN EXECUTED BY
·         1. ·         NNPC/CNL JV Project Cheetah 1,200.00 ·         16/04/15 ·         01/09/15 ·         Dr. E. I. Kachikwu
·         2. ·         NNPC/CNL JV Project Falcon 780.00 ·         26/04/17 ·         31/07/17 ·         Dr. M. K. Baru
·         3. ·         NNPC/SPDC JV Project Santolina 1,000.00 ·         26/04/17 ·         10/07/17 ·         Dr. M. K. Baru
· TOTAL 2,980.00 · · ·

“These are not procurement projects as described by the PPA, 2007. However, all established due processes as enumerated above were followed” NNPC said in a statement by its Spokesman,Ndu Ughamadu.


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