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The Minister of State for Petroleum Resources, Ibe Kachikwu, may have been in shock on Thursday, after Vice President, Yemi Osinbajo, admitted signing N640 billion oil contracts, for the Nigeria National Petroleum Corporation, NNPC.
A statement by the Vice Presidential Spokesperson, Laolu Akande, said Osinbajo approved the contracts in his capacity as Acting President, in July.


“In response to media inquiries on NNPC Joint Venture financing, VP Osinbajo, as Ag, President, approved recommendations after due diligence”, Akande said.
The admission comes a few days after the NNPC’s response to Ibe Kachikwu’s allegations of massive corruption in the Nation’s Oil Corporation.
The NNPC had stated in the response, that two Presidential approvals were granted to the NNPC for contracts with Shell Nigeria and Chevron, at the rate of $1 billion and $780 million, respectively.
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