– Vice president Yemi Osinbajo, Dr Ibe Kachikwu and Dr Maikanti Baru were in a meeting on Wednesday discussing issues relating to oil fields and opening of escrow accounts
Vice-President Yemi Osinbajo on Wednesday presided over a meeting attended by the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu and the Group Managing Director (GMD) of the Nigerian National Petroleum Corporation, Dr. Maikanti Baru, at the Presidential Villa in Abuja.
It was gathered that the meeting was to finalise government’s plan to exit from the joint venture cash call initiative.
Kachikwu told State House Correspondents after the meeting that government had indicated interest to leave the programme over alleged perennial abuse in funding upstream oil and gas joint venture operations with international oil companies in the country.
Both Kachikwu and Baru have been in the media lately over a letter the minister wrote to President Muhammadu Buhari concerning the NNPC boss.
Kachikwu later told State House correspondents that the meeting discussed issues relating to oil fields as well as the opening of escrow accounts and cash call issues.
“It was basically updating him, asking for areas where they need some assistance from government officials to sort of fast-track. It was the normal upstream meeting.”
When he was asked on the extent which the issue of cash call discussed, the minister said, “Yes. 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. Instalmental payments are already going on, I think the NNPC is undertaking by October or early next month to complete that whole process. So is going on very well.”