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NNPC Scandal: Presidency Makes U-Turn; Says '$25B Contract Does Not Exist Anywhere"

The Presidency has faulted reports that $25bn worth of oil contracts were awarded by the Nigerian National Petroleum Corporation (NNPC) or that $25bn was missing in the NNPC.
This was contained in a statement issued on Sunday by the Senior Special Assistant to the Vice President on Media and Publicity, Mr Laolu Akande.
“No contracts were procured by the NNPC based on the leaked memo of the Petroleum Resources Minister of State, Dr Ibe Kachikwu, even though such impressions have been maliciously created in the past few weeks,” the statement said.
On October 12, Vice President Yemi Osinbajo had said he granted authorisation to two ventures from the corporation while President Muhammadu Buhari was on medical leave.
He had noted that the approvals were specifically for financing joint ventures through loans and not contracts.

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