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Tag: Osinbajo

  • NNPC $25b contract: Setting the records straight – Osinbajo

    NNPC $25b contract: Setting the records straight – Osinbajo

    Vice President Yemi Osinbajo yesterday maintained that the Nigerian National Petroleum Corporation (NNPC) did not award $25b contracts.

    In a letter to President Muhammadu Buhari, Minister of State for Petroleum Resources Ibe Kachikwu made the allegations, stressing that the contracts did not follow due process.

    A statement by his Senior Special Assistant, Laolu Akande,  titled: ”It is Important to set the records straight”, said: “Claims on social and traditional media that $25b worth of oil contracts were awarded by the NNPC or that $25b in NNPC funds is missing are both false.

    “No contracts were procured by the NNPC based on the leaked memo of the Petroleum Resources Minister of State, even though such impressions have been maliciously created in the past few weeks.”

    He said that a closer look at each of the said projects indicated clearly that “these are not procurement contracts”.

    He added “When I tweeted on Thursday morning last week, 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.”

    “What is more important is that 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 both 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. As you now know, the Honorable Minister of Petroleum Resources himself has 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 said it was not true and also inaccurate to attach $10b and $5b values on them.

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

    According to him, Nigerians ought to be informed clearly that “whenever there is a monetary value on any consignment of crude oil lifted in this country by any firm, the proceeds go directly to the Federation Account and not to any company. In fact, the Buhari administration in the implementation of the TSA has closed down multiple NNPC accounts in order to promote transparency and probity.”

    Akande also explained that even in compiling the shortlisting for the 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 (EoI). Bids were publicly opened in the presence of NEITI, DPR, BPP, Civil Society groups and the press. 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, and therefore do not involve the use of public funds. Instead, they are simply a shortlisting of off-takers. And unlike what has been reported in the media so far, it is 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 disclosed that the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline Contract “is a contractor-financed contract which has not yet been finalized or awarded; it is still making its way to the Federal Executive Council, FEC.”

    He 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.

    Lastly, on the NPDC, he said there is no contract in the $3BN to $4BN range as reported in the media.

    “You can then see from the foregoing that the $25BN being bandied in the media does not exist. There is no $25BN missing,” Akande concluded.

     

  • God has plans for Nigeria – Osinbajo

    God has plans for Nigeria – Osinbajo

    Vice President Yemi Osinbajo has said God had a purpose for the Nigeria with the kind of persons He put in positions of authority in the country at this time.

    He stated this at the Kingdom Summit 2017 of the Redeemed Christian Church of God (RCCG), Kings Court Parish, Victoria Island, Lagos, on Sunday.

    Osinbajo, however, said that the strategic position God had placed the leaders would be meaningless if they failed to live by His gospel.

    “I am so pleased and happy and I believe that the Almighty God has a plan for our nation by putting us in strategic positions in politics, business and everywhere.

    “But, the strategic positions He has placed us, we will be of no effect there unless we are prepared to live by His gospel.

    “There is no wisdom of man that can change men or change nations; it is the power and wisdom of God that can,’’ he stated.

    The vice president, who titled his remark “Neither Jew, nor Gentile’’ noted that the gospel of the Lord was transformational, meant to turn the market place around by uniting God’s people.

    According to him, the only way to transform the nation is to obey the gospel and to do so that citizens must free themselves from the canal and simply return to the gospel in their practices.

    Osinbajo noted that sometimes people thought that God did not achieve His purpose in man because God’s gospel contradicted the purpose of man.

    He said that many times, Christians interpreted the gospel to suit their purposes, which explained why it was easy for them to pray against their enemies that prayed for them.

    “This canal nature cannot save us; we are completely different from God because the gospel is not a canal word,’’ he stated.

    The vice president pointed out that the Bible was not just a book but the wisdom of God, which could not be trampled upon.

    He noted that the power of the church lay in its unity.

    He traced the history of creation where God made man in His own image, and that man fell apart because of sin, but salvation still came when Christ was born.

    Osinbajo said that at creation, there was no difference in the nature of man and everyone related in an atmosphere devoid of tribe or other differences.

    “The canal nature of man is that he places his tribe above others but the only basis for the power and unity of the church is that there is no Jew or Gentile.’’

    He advised the faithful to avoid divisive issues as much as they did to foolish disputes.

    He remarked that corruption in the country still existed because the church had failed to speak against it simply because those involved in graft had relationships with them.

    Osinbajo added that it was wrong to seek vengeance as the gospel did not give Christians the power to habour hatred.

    According to him, when the disciple, Stephen, was killed, if the Apostles had retaliated, there would not have been the gospel.

    “The gospel of the Lord says you must overcome evil with good.’’

    Osinbajo prayed for the country and the people and asked God to grant Nigerians faithfulness to Him and give everyone the grace to avoid every form of disunity. (NAN)

  • FG to streamline SMEs intervention policies, says Osinbajo

    FG to streamline SMEs intervention policies, says Osinbajo

    Vice President Yemi Osinbajo on Saturday said that the Federal Government would streamline intervention policies for Small and Medium Enterprises (SMEs) to enable more people to benefit.
    Osinbajo gave the assurance at the Third Annual Tony Elumelu Foundation (TEF) Entrepreneurship Forum in Lagos.
    He said that the government would continue to embrace policies that would encourage start-ups to thrive.
    He commended the Founder of TEF, Mr Tony Elumelu, for the initiative, which he noted had been result-oriented.
    Speaking on “Tyranny of the Past or History”, Osinbajo called on Africans to stop remembering the past with apprehension.
    He said that dwelling on the past could cripple ones hope and vision.
    According to Osinbajo, African countries are nearly defeating hunger and famine with new farming tools, discovering cure for diseases and eradicating most causes of infant mortality.
    He called on the TEF participants to take advantage of the initiative for the growth and development of their countries instead of relying on the past.
    “The great days have come, everyone that has succeeded has his or her own failures,” Osinbajo said.
    Earlier, Alhaji Aliko Dangote, President, Dangote Group, identified infrastructure gap, corruption, policy inconsistency, low inter-trade rate and scarcity of finance as some challenges of entrepreneurship development in Africa.
    Dangote, however, said that a resilient investor would overcome the challenges.
    He said that SMEs should avoid waste, build strong teams and ensure cost efficiency to survive.
    Dangote said that Africa’s potential was enormous, hoping that the continent would experience a boom with enhanced agriculture.
    Zamfara State Gov. Abdul’aziz Abubakar Yari said that public and private sectors should work together for industries to survive.
    Yari urged that Africa should do away with corruption and policy inconsistency to advance.
    Kastina State Governor, Alhaji Aminu Bello Masari, said that African leaders must ensure formulation of policies with the private sector for the survival of the continent.
    Masari said that proper education was paramount for entrepreneurs to succeed, adding that basic education was important for the growth of any business.
    He urged access to loans by SMEs at lower interest rates.
    Oba Otudeko, Chairman, Honeywell Plc, said that government and private sectors’ cooperation was important for Africa’s development.
    Otudeko remarked that entrepreneurship was not easy, and urged entrepreneurs to conceive unique ideas to succeed.
    “Empires of the future are empires of the mind”, Otudeko said.
    He added that African leaders should implement policies that would improve logistics and intra-African communications. (NAN)

  • I approved NNPC loans not contracts, says Osinbajo

    I approved NNPC loans not contracts, says Osinbajo

    Vice President Yemi Osinbajo yesterday said he did not sign N640billion oil contracts when the President was in London on medical leave.

    A statement by the Senior Special Assistant to the President on Media and  Publicity, Mr.  Laolu Akande said the VP only gave approval for financing arrangements for the Joint Ventures between the corporation and IOCs.

    The statement said: “Approached by reporters after the ground-breaking multi-billion Naira historic Bonny-Bodo road project, in Bonny, Rivers State, Vice President Yemi Osinbajo, SAN, explained specifically that the approvals he granted to the NNPC while he was Acting President were for financing arrangements for the Joint Ventures between the corporation and IOCs, and not approvals for contracts.”

    The statement quoted the VP as saying: “These were financing loans. Of course, you know what the Joint Ventures are, with the lOCs, like Chevron, that had to procure. In some cases, NNPC and their Joint Venture partners have to secure loans and they need authorization to secure those loans while the President was away. The law actually provides for those authorisations.

    “So I did grant two of them and those were presidential approvals, but they are specifically for financing joint ventures and they are loans not contracts.”

    The SSA added: “Earlier today, I had tweeted on the same matter thus: “In response to media inquiries on the NNPC Joint Venture financing arrangements, VP Osinbajo, as Acting President, approved the recommendations after due diligence and adherence to established procedures.

    “This was, of course, necessary to deal with huge backlog of unpaid cash calls which the Buhari administration inherited, and to incentivise much needed fresh investments in the oil and gas sector.”

  • Osinbajo’s denial: So who signed NNPC’s contracts?

    Osinbajo’s denial: So who signed NNPC’s contracts?

    Earlier on Thursday, Osinbajo’s Senior Special Assistant on Media and Publicity, Laolu Akande in a series of tweets said that the Vice President approved financing joint ventures for Nigeria National Petroleum Corporation (NNPC).

    Akande said the financing were approved after due diligence by the Vice President when he acted as President when President Muhammadu Buhari was away in the United Kingdom.

    The VP’s aide said his principal approved the recommendations for the financing as part of necessary actions to deal with the backlog of unpaid cash calls and incentivise investments.

    According to Akande Professor  Osinbajo made the clarification in view of media enquiries that followed NNPC’s claim that the contracts were indeed approved by Osinbajo.

    “Action necessary to deal with huge backlog of unpaid cash calls which Buhari adm inherited and also to incentivise much needed fresh investments in the oil & gas sector,” Akande had tweeted.

    However hours later, Akande issued a statement in which he said Professor Osinbajo,  said that he only approved two loans for the NNPC and not contracts as reported by the media.

    Osinbajo made the clarification in Bonny Island where he flagged off the Bodo-Bonny Road, Rivers state.

    His words: ” They were of financing loans, joint venture loans, that have procured so in some cases NNPC ventures have to secure loans and they need the authorization to secure those loans.

    “While the President was away, I granted authorization which is what the law provides.

    “The law actually provides for that authorization, so I did grant all of those, in fact, there were two of them but those are presidential approvals but they are specifically for financing joint ventures and they are Loans not Contracts”, the Vice President added.

    Based on the earlier claim by the NNPC, the controversial contracts were signed when President Muhammadu Buhari was out of the country for medical treatment.

    If Buhari indeed signed the contracts, he must have done so while in London having handed over government to Osinbajo as Acting President.

    The question begging for answer is who really signed the contracts which were not sent to the NNPC board headed by Minister of State for Petroleum, Dr Ibe Kachikwu.

  • I approved NNPC joint financing contracts – Osinbajo

    I approved NNPC joint financing contracts – Osinbajo

    Vice President Yemi Osinbajo on Thursday admitted he approved the joint venture financing contracts of the Nigerian National Petroleum Corporation (NNPC).

    The Senior Special Assistant to the Vice President on Media and Publicity, Mr. Laolu Akande, said on his Twitter handle, @akandeoj, that Osinbajo approved the contracts to deal with backlog of unpaid cash calls inherited by the present administration.

    Akande said the approval was to “incentivize” much needed fresh investments in the oil and gas sector.

    “The approval was given after due diligence and adherence to established procedure,” he stated.

    Read Also: Kachikwu -Baru: In search of a truce

    According to him, the NNPC joint venture financing was approved during Osinbajo’s stint as Acting President.

    Akande added: “Action was necessary to deal with huge backlog of unpaid cash calls which Buhari administration inherited and also to incentivise much needed fresh investments in the oil and gas sector.

    “In response to media inquiries on NNPC joint venture financing, VP Osinbajo, as Ag President approved recommendations after due diligence and adherence to established procedure.”

  • Osinbajo, Dogara, others for oil and gas roundtable

    Osinbajo, Dogara, others for oil and gas roundtable

    EFFORTS at creating a more conducive environment for Nigeria’s oil and gas sector will receive fresh impetus on Friday as Vice President Yemi Osinbajo will lead dignitaries among whom are, Speaker of the House of Representatives Yakubu Dogara, industry experts and other dignitaries to a brainstorming session in Asaba, the Delta State capital.

    Osinbajo is expected to deliver the keynote address at the event billed to take place at the prestigious Grand Hotel. Minister of State for Petroleum Dr. Ibe Kachikwu will present a paper.

    The forum is a one-day event with the theme: “Peace and Sustainable Development in Nigeria’s Oil and Gas Areas”, organised by the leading advocacy group, Nigeria Entrepreneur Summit & Honours (NESH).

    NESH founder, Emeka Ugwu-Oju stated that the event had become necessary to create a road map for optimising the benefits of Nigeria’s hydrocarbon resources against the background of not only declining crude prices but the decision by most European countries to migrate from fossil fuels for automobiles to other alternatives.

    He noted that this cannot be achieved without peace in the Niger Delta, a factor necessary for driving down costs and building stakeholder confidence in the environment.

    His words: “It is in that regard that NESH team has made the main theme of this event to be ‘Peace and Sustainable Development of Nigeria’ Oil and Gas Producing areas and packaged a special session to bring together key and impactful stakeholders to discuss and device a new template for rapid development.”

     

  • Osinbajo to deliver keynote address at FT Africa Summit in London

    Osinbajo to deliver keynote address at FT Africa Summit in London

    •Speech to focus on “What Makes Africa Work

    Vice President Yemi Osinbajo is scheduled to   deliver the keynote address at this year’s Africa Summit,  themed “What Makes Africa Work” taking place in London, United Kingdom .

    The two day programme opens tomorrow.

    The Africa Summit hosted by the Financial Times of London is a global forum reputed as one of the leading conferences in the world on African business and economic matters. The newspaper itself has had a relationship with the African continent that stretches back to its opening issue more than 125 years ago.

    At the summit which attracts global leaders, economic experts, investors and intellectuals from Africa and around the world, a statement by the Senior Special Assistant on Media and publicity, Laolu Akande said that Prof. Osinbajo will discuss the increasing economic prospects in Africa and detail the progress of the Buhari administration, especially through the Federal Government’s medium-term Economic Recovery and Growth Plan (ERGP) to the global audience.

    The summit which will also include presentations from other leaders and speakers will feature first-hand experiences and interactions from government and business leaders in the continent, while providing credible opportunities and encouraging foreign investments. So far, the yearly event has become a platform for the dissemination of a more accurate and beneficial narrative of the improving economic environment in Africa.

    The Vice President left for London yesterday and is expected back tomorrow.

  • Osinbajo, Udoma, others for Yabatech 70th anniversary

    Vice President Yemi Osinbajo, Minister of Budget and National Planning, Senator Udoma Udoma and former Deputy Governor Central Bank of Nigeria (CBN) Dr Tunde Lemo are some of the prominent Nigerians expected at a national workshop to mark the 70th anniversary of Yaba College of Technology, Lagos.

    The workshop with the theme business financing in a growing economy holds on Tuesday, November 17 at National Theatre Iganmu.

    Udoma will deliver the keynote address while Osinbajo will attend as the special guest of honour.

    President Yabatech Alumni Association, Dr Oluwafemi Martins, told reporters Lemo will serve as chairman of the three slated sub-themes.

    Some of the discussants, according to him, include Dr Bongo Adi, Faculty member, Lagos Business School; Kayode Pitan, MD Bank of Industry; Hon Kehinde Odeneye and Osiniyi Osibemekun, MD/CEO Jackal Ventures.

    He said papers from the discussions would form part of a think-tank to advance the economic direction of the nation.

     

  • Osinbajo to deliver keynote address at London summit

    Osinbajo to deliver keynote address at London summit

    Vice President Yemi Osinbajo will deliver the keynote address at this year’s Africa Summit, with the theme “What Makes Africa Work,” taking place in London, from October 8, to October 9.

    A statement issued in Abuja by the Special Adviser on Media and Publicity to the Vice President, Mr. Laolu Akande, said Osinbajo leaves for London on Saturday and is expected back in the country on Monday.

    The statement said the Africa Summit hosted by the Financial Times (FT) of London is a global forum, reputed as one of the leading conferences in the world on African business and economic matters.

    According to the statement, the FT itself has had a relationship with the African continent that stretched back to its opening issue more than 125 years ago.

    It reads: “Osinbajo will discuss the increasing economic prospects in Africa and detail the progress of the Buhari administration, especially through the Federal Government’s medium-term Economic Recovery and Growth Plan (ERGP), to the global audience.

    “The summit which will also include presentations from other leaders and speakers will feature first-hand experiences and interactions from government and business leaders in the continent, while providing credible opportunities and encouraging foreign investments.

    “So far, the yearly event has become a platform for the dissemination of a more accurate and beneficial narrative of the improving economic environment in Africa.”

    NAN