NNPCs $25 Not Missing, says Presidency

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The Presidency on Sunday said there was no truth in the media reports that the Nigerian National Petroleum Corporation (NNPC) awarded contracts worth $25bn or that the same amount is missing from the corporation’s account.

The Senior Special Assistant to the Vice President on Media and Publicity, Mr. Laolu Akande, made the clarification in a statement made available to journalists.

Akande said no contracts were procured by the NNPC based on the leaked memo of the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, though such impressions have been created in the past few weeks.

He said a closer look at each of the said projects would show that they are 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 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 short-listing 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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