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Osinbajo, Kachikwu, Baru meet over joint venture cash call, others

Vice President, Yemi Osinbajo, has met with Minister of State Petroleum, Ibe Kachikwu and the Group Managing Director of the Nigeria National Petroleum Corporation (NNPC),  Maikanti Baru, at the presidential villa over Okpai and Zabazabafields as well as opening of escrow accounts and cash call issues.

Kachikwu disclosed this to  State House Correspondents at the end of the meeting, yesterday.

According to the minister, the meeting was all about “a meeting on upstream, a normal typical meeting. It was largely AGIP bringing some information to the vice president on where they have been in terms of Okpai, in terms of Zabazaba Deepwater oilfield, in terms of the cash call exit which they are doing with NNPC.

“It was basically updating him, asking for areas where they need some assistance from government officials to sort of fast-track.

“It was normal, upstream meeting.”

Asked what was the extent of cash call discussed, the minister replied: “We did only to the extent that a few completion items on NNPC, largely the opening up of escrow accounts and that type of stuff which they need to fasten up on. But, we are far gone on that.

“Installmental payments are already going on, I think NNPC is undertaking by October or early next month to complete that whole process. So is going on very well.”

Kachikwu and Baru had, two weeks ago, engaged in name calling over allegations of insubordination and unapproved award of $26 billion contracts against the NNPC GMD, by the minister.

Senate was supposed to have begun investigation into allegations of corruption against NNPC Trading Limited, a subsidiary of the national oil firm, which was accused of awarding a questionable petroleum importation contract.

The probe is yet to take off.

The lawmakers had also resolved to probe  allegations of insubordination and unapproved award of $25 billion contracts against Baru, by Kachikwu.

Kachikwu, in the petition had alleged that the NNPC boss had repeatedly sidelined and disrespected the NNPC board, which is chaired by the minister, among other alleged misdemeanours.

To resolve the misunderstanding, Kachikwu said President Muhammadu Buhari had urged himself and Baru to work together, to remove doubt and rift.

“Mr. President is a decent man and what he wants to achieve in this country is to live a legacy for posterity.

“He is a sincere leader, so nobody should accuse him of engaging in fraud.”

The Presidency had clarified that the vice president, approved two loans for the NNPC and not contracts.

Presidential media aide, Laolu  Akande had said the approvals referred to were actually for financing arrangements in replacement of the traditional Joint Venture Cash Call obligations. He said while President Muhammadu Buhari approved NNPC/Chevron Joint Venture Project, the Vice President approved the NNPC/Chevron Accelerated Upstream Production Project and NNPC/Shell/Total/Agip Joint Venture Accelerated Upstream Production Project, while he was acting president.

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3 Comments

  1. Ezekiel Okeke 19th October 2017 at 6:34 am

    The political name Nigeria without legitimate Sovereignty by law, is the former Yugoslavia of Africa- this is its last hours: it is irreversible. Any country, company, institution etc. in any business or diplomatic relation etc. with the political name Nigeria, is at its own risk. Legitimate Southern Sovereign States by law are: Biafra Republic of south east, Niger Delta Republic of south south, Oduduwa Republic of south west. South feed north- it is over. God Is With Us!!!

  2. Emmanuel Chukwuma Umeh 19th October 2017 at 7:58 am

    “He is a sincere leader, so nobody should accuse of engaging in fraud”!

    Dr. Kachukwu, your above statement is highly politicized in every sense of reasoning!

    It is obviously uncalled for here!

    And moreover, you are not in the position to investigate and to probe who engages in fraud or not!

    So, that statement you made above, hold no water at all!

  3. alain 19th October 2017 at 8:56 am

    Umeh. It was unfortunate for Kachikwu to say that, but looking at things Baru and Buhari are behind the fraud! He was trying to defend him in public because it was shameful and disgraceful for him to later discovered that his untouchable master is the end user of the fraud income. I said, how would you have feel Umeh after discovering that the fraud was arranged by your untouchable Buhari some one whom you sworn into office as the only righteous man from north were caught in such a disgraceful act in stealing? I think, you will be very ashamed doing every thing like Kachikwu crying to people in a way to cover the nakedness of the man whom you once serve as the greatest pope of the north. I can tell you that Kachikwu is now ashamed regretting his letter that has exposed his master as a fraudster. Kachikwu would also be saying that if i had known that my letter will expose my master they wouldn’t had leak the letter. It is too late for everyone. The Nigerian constitution is dead. I mean, what kind of constitution are you running when you don’t respect the single law (equal right) that bind the in voice.

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