VP Yemi Osinbajo admits approving N640 billion oil contracts for NNPC

Vice President Yemi Osinbajo has taken responsibility for granting authorisation to the NNPC for two oil contracts worth N640 billion.

A statement by presidential spokesperson, Laolu Akande, said Mr. Osinbajo approved the contracts in his capacity as acting president in July.


“In response to media inquiries on NNPC joint venture financing, VP Osinbajo, as Ag President approved recommendations after due diligence,” Mr. Akande said.

The admission comes a day after an online medium amplified a curious part of the NNPC response to the Minister of State for Petroleum, Ibe Kachikwu’s allegations on Monday.

The NNPC had stated in the response that two presidential approvals were granted to the NNPC for contracts with Shell Nigeria and Chevron at the rate of $1 billion and $780 million respectively.

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