Professor Yemi Osinbajo, the vice president of Nigeria, yesterday, said that he only gave approvals for financing arrangements for the Joint Ventures between NNPC and IOCs, and not approvals for contracts. He said this in Rivers State during a flag off of the multi-billion Naira historic Bonny-Bodo road project, in Bonny, Rivers State.
In the word of Osinbajo, “These were financing loans. Of course, you know what the Joint Ventures are, with the lOCs, like Chevron, Agip that had to be procured. In some cases, NNPC and their Joint Venture partners have to secure loans and they need the authorization to secure those loans while the President was away which the law provides. The law actually provides for those authorizations. So I did grant them. In fact, there were two of them but those are presidential approvals but they are specifically for the financing of the joint ventures for loans and not contracts.’
Watch the video below to get the full gist.