Vice President Yemi Osinbajo has responded to reports that he granted two presidential approvals to the NNPC when he served as Acting President, for contracts with Shell Nigeria and Chevron at the rate of $1 billion and $780 million respectively.
Speaking with reporters after the ground breaking for the multi-billion Naira Bonny-Bodo road project, in Bonny, Rivers State, Osinbajo said that the approvals he granted were for financing arrangements for the Joint Ventures between the corporation and 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.”