No $25bn contract awarded in NNPC–Presidency

By Factnews on 16/10/2017

Share on facebook Yahoo mail icon Gmail icon

Views: 518


The Presidency on Sunday said no contracts worth 25 billion dollars were awarded by the Nigerian National Petroleum Corporation (NNPC).

It also said that 25 billion dollars was not missing in the corporation.

Mr Laolu Akande, Senior Special Assistant to the President on Media and Publicity, Office of the Vice President, stated this in a statement in Abuja.

According to him, no contracts were procured by the NNPC based on the leaked memo of Petroleum Resources Minister of State, Ibe Kachukwu, even though such impressions have been maliciously created in the past few weeks.

Akande disclosed that a close look at each of the said projects indicated clearly that “these are not procurement contracts”.

He said “when I tweeted on Thursday morning, I had indicated that the Vice President, while acting as President approved Joint Venture Financing arrangements.

“But for some curious reasons, a few media reports used that tweet to report that I said the then Acting President approved N640 billion worth of oil contracts.

“Such reporting is both false and misleading and therefore, ought to be completely ignored by all seekers of truth.”

He added that what was more important was “when you look diligently at the referenced projects/transactions one by one, you will see, as NNPC has shown, that none of them was actually a procurement contract”.

“Take the Crude Term Contract and the Direct Sale, Direct Purchase (DSDP) agreements, for instance, these are not procurement contracts involving the expenditure of public funds.

“Both transactions are simply a shortlisting process in which prospective off-takers of crude oil and suppliers of petroleum are selected under agreed terms, and in accordance with due process.

“It is therefore wrong and misleading to refer to them as though they’re contracts involving the expenditure of NNPC funds, or public funds of any sort,’’ he added.

The vice presidential spokesman recalled that the Petroleum Minister himself had in fact, clarified that he meant “to focus on administrative and governance issues, not red-flag any fraud, because no fraud exists in this matter.”

For both transactions, Akande reiterated that there was falsehood and also inaccurate to attach 10 billion dollars and five billion dollars values on them.

“Attaching monetary values to these contracts is an arbitrary act that completely distorts understanding of the situation.”

He said Nigerians should be informed clearly that whenever there was monetary value on any crude oil lifted in the country, “the proceeds go directly to the Federation Account and not to any company.

“In fact, the Buhari administration in the implementation of the Treasury Single Account (TSA), has closed down multiple NNPC accounts in order to promote transparency and probity.”

Akande also explained that in compiling the shortlist for prospective off-takers of crude oil and suppliers of petroleum under agreed terms, “there were public placements of advert in the mass media seeking Expressions of Interest.

“Bids were publicly opened in the presence of NEITI, DPR, BPP, Civil Society groups and the media; in some cases even, these events were televised live.”

“For the sake of emphasis, let me state clearly that both the Crude Term Contract and the Direct Sale and Direct Purchase agreements are not contracts for any procurement of goods, works or services,’’ he stated.

Akande said it was important to “set the records straight that the list of approved off-takers does not carry any financial values but simply states the terms and conditions for the lifting and supply of petroleum products”.

He also said that the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline Contract was a contractor-financed job, which had not been finalized or awarded.

According to him, it is still making its way to the Federal Executive Council.

The presidential aide noted that there were also three presidential approvals given on Joint Venture financing arrangements, meaning loans to cater for cash-call obligations.

“One of these was okayed by the President in 2015, and two by the then Acting President in 2017,” he explained.

On Nigeria Petroleum Development Company (NPDC), Akande said “there is no contract in the three billion dollars to four billion dollars range as reported in some media.

“You can then see from the foregoing that the 25 billion dollars being bandied in the media does not exist. There is no 25 billion dollars missing.”

 

 

 

Source NAN

Posted on October, 16 2017

Share on facebook Yahoo mail icon Gmail icon


You may also like...
NIGERIAN MILITARY DULL IN LEARNING - US hearing...

Wike loses bid to stop Peterside’s election documents...

Otti versus Okezie: PDP files notice of Appeal...

FG pays #165bn debt to oil marketers

Crisis over Delta PDP primary

If bloodshed continues, Buhari should forget about 2019...

Chelsea march on, Aguero hits four

We will Oppose any Attempt to Remove Buhari...

NASS Unveils How the Controversial 2016 Budget was...

Governor Umahi Declares Two days public holiday for...

WAEC Creates Special Centers For Albinos

6 year-old boy killed as flood wreck havoc...
News Abia Election Special (3) Abia Supplementary Polls Update (18) Abia Supplementary Result update (22) Appointments (8) Breaking News (196) Business (41) Campus News (3) Crime (121) Economy (111) Education (124) Entertainment (146) Fashion and Style (3) General (822) Health (108) Inside Africa (40) International News (303) Interviews (28) National (1932) Politics (953) Press Releases (112) Religion (9) Security (127) Sports (431) Technology (24) World News (87)

 

 

Advertisement

 

Latest News GEJ is the reason for delay in forming Buhari’s cabinet, Presidency Buhari will hand over to an Igbo president in 2023 , says Boss Mustapha Soldiers ‘flee’ as Boko Haram raids Borno community ‘I married you because my mumu never do,’ Charly Boy tells wife after 40 years of cohabiting OPINION: Alex Otti: When will Enough be really Enough? FRAUD ALERT: Do not pick up GEEP application form from any Campaign Office, Nwogu warns I can’t wait for presidential debate, says Atiku 11 people reported dead after eating toxic rice PDP Hails Peter Obi’s Performance At Presidential Debate Abia: Update on Osisioma Flyover

 

Most Read Islamic agenda for Nigeria – Pastor Bosun (23,931 views) The show of shame that sealed Justice Uzokwe’s fate (17,543 views) 47 YEARS AFTER, HIS EXCELLENCY, COMMODORE EBITU UKIWE (Rtd) MAKES THE “OFO NDI IGBO” RECIPIENTS LIST (16,986 views) Breaking News : Dr Okezie Ikpeazu resigns from Abia State Environmental Sanitation Agency (ASEPA). (7,651 views) Lawyers accuse Lagos Police of working for PDP (7,323 views) Radio Biafra delivers AM Transmitter (7,092 views) ‘Why fuel scarcity persists’ (6,084 views) Nurse Justina Obi Ejelonu, one of the nurses that contracted Ebola virus is dead!!! (5,754 views) Abiriba Kingdom Celebrates as Eze Kalu Kalu Ogbu (IV) marks 14th year on the throne (5,727 views) Breaking News : 2015 - Abaribe withdraws from Abia guber race, backs Ikpeazu (5,527 views)