Nigeria oil min questions NNPC contracts

ABUJA, October 5, 2017 – Nigerian oil minister Emmanuel Kachikwu has sent a letter to President Muhammadu Buhari questioning USD 24 billion worth of contracts not reviewed by the board of the Nigerian National Petroleum Corporation (NNPC), international media reported Wednesday.

The seven-page letter stated that since NNPC group managing director Maikanti Baru started in the position a year ago, no contracts had been reviewed by the company’s board, which is legally required to approve all contracts over USD 20 million.

“The communication under reference is a normal procedural correspondence by the minister to the president relating to developments in parastatals under his supervision,” the oil ministry said in a statement. The NOC declined to comment.

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