Tension: Osinbajo Admits He Approved Controversial Oil Contracts  

Professor Yemi Osinbajo, APC Vice Presidential Candidate

Professor Yemi Osinbajo

Following the hoopla generated by the reports that President Muhammadu Buhari signed multi-billion dollar oil contracts while receiving medical care in London, Vice-President Yemi Osinbajo today admitted that he approved the Nigerian National Petroleum Corporation joint venture financing contracts.

Recall that there has been hightened tension in the polity following the leak of a letter written by Minister of state for Petroleum Resources, Dr. Ibe Kachikwu accusing the NNPC GMD, Maikanti Baru of circumventing due process in awarding over $25b oil contracts.

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.

Osinbajo’s aide said the vice-president 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.

He said Osinbajo 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.