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Alleged $25bn contracts: Reactions as Baru says no role for Kachikwu, NNPC board

The Group Managing Director, Nigerian National Petroleum Corporation, Maikanti Baru, on Monday, declared that it was most unfortunate for the Minister of State for Petroleum Resources, Ibe Kachikwu, to assert that he (Kachikwu) was never involved in the recent Crude Oil Term Contracts.

Kachikwu, who is the Chairman of the NNPC board, in a leaked memo to President Muhammadu Buhari, had alleged that against the rules, Baru awarded major contracts worth $25bn without reviewing or discussing them with him or the corporation’s board.

“The legal and procedural requirements are that all contracts above $20m would need to be reviewed and approved by the board of NNPC. Mr. President, in over one year of Mr. Baru’s tenure, no contract has been run through the board.

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