NNPC did not award contracts worth $25bn – Presidency

The Presidency has dismissed reports that the Nigerian National Petroleum Corporation (NNPC) awarded contracts worth $25bn or that the same amount is missing.

What happened:

What the Presidency said:

  • Senior Special Assistant to the Vice President on Media and Publicity, Mr. Laolu Akande, in a statement said no contracts were were procured by the NNPC based on the leaked memo by Kachikwu.
  • He said a closer look will reveal that they were not procurement contracts.

He said, “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 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 are contracts involving the expenditure of NNPC funds, or public funds of any sort. “

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