A former Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mr. Andrew Yakubu has exposed the $1.6 billion messy deal of Jide Omokore: “NNPC/NPDC saw an opportunity to further grow their capacity and now requested the petroleum minister to assign the 60 per cent equity interest of the NNPC to the NPDC.”

“The request was approved by the then minister (Diezani Alison-Madueke), and also the request for Atlantic Energy to continue to support the NPDC with funding and technical services in respect of this asset as well as a result of the assessment of their performance in the previous assets.  That was approved by the minister. The approval came back to me and I conveyed it to the Executive Director Exploration and Production in the person of Engr. Membere (the fifth defendant who then conveyed the approval to NPDC.”

“The Company Secretary and the Legal Department were also copied. After the approval and the execution of the deed of assignment between the minister of petroleum, NNPC and NPDC, NPDC then entered into negotiations with the strategic partner and entered into the SAA with the partners.  Atlantic Energy by the SAA were supposed to provide funding and technical services to the NPDC over this asset as happened with the other assets.”

“We got to know later that NAPIMS made a cash call but I also issued instructions for them to stop. I also made sure that whatever fund that NAPIMS had paid was refunded to the federation account by the NNPC.”