Osinbajo, Kachikwu, Baru meet over joint venture cash call, others

Vice President Yemi Osinbajo has met with Minister of State Petroleum, Ibe Kachikwu and the Group Managing Director of the Nigeria National Petroleum Corporation (NNPC), Maikanti Baru, at the presidential villa to discuss issues of joint venture cash calls.

The minister told State House correspondents after the meeting that it dealt with issues that have to do with Okpai and other fields as well as the opening of escrow accounts.

He explained: “It is a meeting on upstream, a normal typical meeting. It was largely AGIP bringing some information to the Vice President on where they have been in terms of Okpai, in terms of Zabazaba Deepwater oilfield field, in terms of the cash call exit which they are doing with NNPC. It was basically updating him, asking for areas where they need some assistance from government officials to sort of fastrack. It was normal upstream meeting.”

On the discussion on cash call, he added: “We did only to the extent that a few completion items on NNPC, largely the opening up of the escrow accounts and that type of stuff which they need to fasten up on.

“But we are far gone on that. Installmental payments are already going on. I think NNPC is undertaking by October or early next month to complete that whole process. So is going on very well.”

The meeting followed controversy between Kachikwu and Baru over Baru’s alleged insubordination to the Minister and the GMD’s unilateral decision to award NNPC contracts worth $25billion.