On Wednesday, Dr. Ibe Kachikwu, the Minister of State Petroleum Resources, and Dr. Maikanti Baru, the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), held a closed door meeting with Vice President Yemi Osinbajo at the presidential villa.
According to Mr. Kachikwu, they met to discuss issues in the upstream sector of the oil and gas industry, adding that the meeting was necessitated by some information brought about by AGIP regarding its operations in “Okpai, in terms of Zabazaba field, and in terms of the cash call exit which they are doing with the NNPC.”
He also said that they also discussed a few completion items on NNPC with regards to cash call, as well as 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 NNPC is undertaking by October or early next month to complete that whole process. So it is going on very well,” he said.
When asked if the price of petrol will drop before Christmas, he said, “I will like the GDM who does the commercial aspect to comment on that, I will need his position before I can even comment on that.”
Few weeks ago there was a feud between Dr. Kachikwu and Dr. Maikanti over certain activities at the NNPC. The Minister wrote a controversial letter to president Muhammadu Buhari regarding an alleged award of contract worth $25billion (N9trillion) by Dr. Maikanti without NNPC Board approval and also insubordination.
After responses and replies from both parties, the presidency eventually claimed that the $25billion contract in Kachikwu’s letter was only fabricated and does not exist.