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Nairaland Forum / Nairaland / General / Politics / NNPC Contracts: Office Of The Vice President Press Release (20331 Views)
Osinbajo Denies Approving NNPC Contracts But Two Loans / KACHIKWU,BARU FEUD: It Was Me Who Approved The NNPC Contracts –osinbajo / BREAKING: I Approved NNPC Contracts, Says Osinbajo (2) (3) (4)
NNPC Contracts: Office Of The Vice President Press Release by presidency: 4:39pm On Oct 13, 2017 |
What ‘Ag. President’ Approved For NNPC Were Not Contracts Our attention has been drawn to some misleading reports suggesting that the Vice President approved certain procurement contracts for the Nigerian National Petroleum Corporation (NNPC). This is totally false, as the approvals referred to were actually for financing arrangements in replacement of the traditional Joint Venture Cash Call obligations. In the statement of NNPC recently released in response to allegations made by the Minister of State for Petroleum Resources, reference was made to various financing arrangements with NNPC’s Joint Venture Partners, which were approved by the Presidency under the current administration. There were three such loan financing arrangements made for: (i) NNPC/Chevron Joint Venture Project (ii) NNPC/Chevron Accelerated Upstream Production Project (iii) NNPC/Shell/Total/Agip Joint Venture Accelerated Upstream Production Project While the first was approved by the President in person, the second and third were approved by the Vice President as Acting President. The NNPC Act, Cap. N. 123, Laws of the Federation, (updated to 2010), authorises the Corporation to borrow such sums as it may require in the exercise of its functions. Sub section (2) goes further to specify the only precondition: “The Corporation shall not, without the approval of the President, borrow any sum of money whereby the amount in aggregate outstanding on any loan or loans at any time exceeds such amounts as is for the time being specified by the President.” Furthermore, subsection (4) provides that “Where any sum required aforesaid – a. is to be in currency other than Naira; and b. is to be borrowed by the Corporation otherwise than temporarily, the Corporation shall not borrow the sum without the prior approval of the President. These financings are purely commercial loans obtained by NNPC and its Joint Venture partners, mainly from local and foreign banks, to perform their exploration and production activities. Repayments are also made out of revenues from the crude oil produced directly by the funded project. Unfortunately, they are being confused with contracts for goods and services. The alternative financing arrangements became necessary as inability of Government to meet its cash call obligations had stalled further investments in the petroleum sector and reduced the country’s production capacity. Laolu Akande Senior Special Assistant to the President on Media & Publicity Office of the Vice President 12 October, 2017 7 Likes 1 Share |
Re: NNPC Contracts: Office Of The Vice President Press Release by FuckTheZero: 4:59pm On Oct 13, 2017 |
Trash The amount of English embedded in a statement is directly proportional to the corruption involved. 86 Likes 7 Shares |
Re: NNPC Contracts: Office Of The Vice President Press Release by KehnnyCares(m): 4:59pm On Oct 13, 2017 |
Nice one. Where are the noise makers? ![]() ![]() ![]() ![]() 16 Likes 1 Share
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Re: NNPC Contracts: Office Of The Vice President Press Release by havilahconsults: 4:59pm On Oct 13, 2017 |
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Re: NNPC Contracts: Office Of The Vice President Press Release by SalamRushdie: 5:00pm On Oct 13, 2017 |
Hahahahahah |
Re: NNPC Contracts: Office Of The Vice President Press Release by kizolo(m): 5:00pm On Oct 13, 2017 |
Useless country ![]() 11 Likes
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Re: NNPC Contracts: Office Of The Vice President Press Release by Sunnycliff(m): 5:00pm On Oct 13, 2017 |
Is Buhari still a Saint? No body should tell me his too innocent for all these scams 11 Likes 2 Shares |
Re: NNPC Contracts: Office Of The Vice President Press Release by hucienda: 5:01pm On Oct 13, 2017 |
lol ... com an see american wonder ![]() Osinbajo don take style untangle himself from Baru and Buhari. dis administration is beyond comedy. ![]() 57 Likes 1 Share |
Re: NNPC Contracts: Office Of The Vice President Press Release by illicit(m): 5:01pm On Oct 13, 2017 |
Oh ok |
Re: NNPC Contracts: Office Of The Vice President Press Release by God1000(m): 5:01pm On Oct 13, 2017 |
This case must not be swept under carpet, Buhari and his goons must be brought to book. 14 Likes 1 Share |
Re: NNPC Contracts: Office Of The Vice President Press Release by hypertension(m): 5:02pm On Oct 13, 2017 |
I'm not surprised by the DULLARD-IN-CHIEF of the Armed forces President JUBRIL 10 Likes |
Re: NNPC Contracts: Office Of The Vice President Press Release by Ovie56(m): 5:02pm On Oct 13, 2017 |
I sha know say someone thief money.. Period 4 Likes |
Re: NNPC Contracts: Office Of The Vice President Press Release by bestman09(m): 5:02pm On Oct 13, 2017 |
ok 1 Like |
Re: NNPC Contracts: Office Of The Vice President Press Release by NothingDoMe: 5:02pm On Oct 13, 2017 |
Borrow what? For which JV? The JV's source for their own funding now. Which funding una dey talk about again? 5 Likes |
Re: NNPC Contracts: Office Of The Vice President Press Release by IneedSugarMumy1(m): 5:02pm On Oct 13, 2017 |
Is this the same akende that twitted yesterday?? Pyo for hear am if to say him accept say na him, |
Re: NNPC Contracts: Office Of The Vice President Press Release by brainpulse: 5:03pm On Oct 13, 2017 |
![]() We know you hate everyone except yourselves because of your selfishness and greed 8 Likes 1 Share
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Re: NNPC Contracts: Office Of The Vice President Press Release by Nobody: 5:03pm On Oct 13, 2017 |
I am sure this laolu guy is Bisi Akande's son 1 Like |
Re: NNPC Contracts: Office Of The Vice President Press Release by ZKOSOSO(m): 5:03pm On Oct 13, 2017 |
Grammar....! All we know say Buhari has done it again......!! #Whereisour26Billiondollars........? 16 Likes |
Re: NNPC Contracts: Office Of The Vice President Press Release by bkool7(m): 5:04pm On Oct 13, 2017 |
I just dont understand anything again 1 Like |
Re: NNPC Contracts: Office Of The Vice President Press Release by laffwitmi: 5:04pm On Oct 13, 2017 |
![]() ![]() |
Re: NNPC Contracts: Office Of The Vice President Press Release by Desdola(m): 5:04pm On Oct 13, 2017 |
APC and double standards 5 Likes |
Re: NNPC Contracts: Office Of The Vice President Press Release by Ajusshi: 5:07pm On Oct 13, 2017 |
Bullhari stealling oil money since 1965 4 Likes |
Re: NNPC Contracts: Office Of The Vice President Press Release by NothingDoMe: 5:08pm On Oct 13, 2017 |
brainpulse:You are too old for this. I expect you to use your several monikers and begin to like this comment. We are talking about NNPC you want to shift our focus to Buhari's other mess up with the world bank. We cant combine two messes at once. calm down. lets handle NNPC mess here first. 44 Likes 2 Shares |
Re: NNPC Contracts: Office Of The Vice President Press Release by hola106(m): 5:08pm On Oct 13, 2017 |
God help us in Nigeria 2 Likes |
Re: NNPC Contracts: Office Of The Vice President Press Release by veacea: 5:08pm On Oct 13, 2017 |
Lemme come back |
Re: NNPC Contracts: Office Of The Vice President Press Release by Olukat(m): 5:09pm On Oct 13, 2017 |
The Vice President have a name to protect If his name it's all that can follow him from these mess of a leadership At least we know he's not Osinbande ![]() ![]() 3 Likes |
Re: NNPC Contracts: Office Of The Vice President Press Release by Oloripelebe: 5:09pm On Oct 13, 2017 |
Money don enter Voicemail ![]() 3 Likes |
Re: NNPC Contracts: Office Of The Vice President Press Release by Day11(m): 5:09pm On Oct 13, 2017 |
Chei, dis one na country so? 3 Likes
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Re: NNPC Contracts: Office Of The Vice President Press Release by kprez(m): 5:10pm On Oct 13, 2017 |
hnmm useles country indeed |
Re: NNPC Contracts: Office Of The Vice President Press Release by brainpulse: 5:10pm On Oct 13, 2017 |
NothingDoMe:Look we all understand what's happening, before the election, it was the same liars against Buhari, the north and the south west. Some of you boosted that Buhari will never win. When he won, he decided to visit the south east you people threatened he shouldn't come or else his life will be in danger......and it continues till now. All you don't know is that you attract hatred to yourself from everyone around you. Just continue 6 Likes 2 Shares |
Re: NNPC Contracts: Office Of The Vice President Press Release by HIGHESTPOPORI(m): 5:14pm On Oct 13, 2017 |
Where is our $26Billion? 6 Likes |
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