The Oyo State House of Assembly has approved the request of Governor Seyi Makinde to engage Tiaras White Consults Ltd for Project Gazelle, following the disengagement of ODG Professional Services.

Mr Makinde’s request, conveyed in a letter, was read on Tuesday during plenary by Speaker Adebo Ogundoyin, which received the unanimous approval of the lawmakers.

In his correspondence to the assembly, the governor explained that the Nigeria Governors’ Forum raised concerns over issues of transparency, equity, and accountability in the allocation of funds to states and local governments under Project Gazelle.

Project Gazelle is a $3.3 billion structured crude oil-backed forward-sale finance facility sponsored by the Nigerian National Petroleum Corporation Limited.

It’s a structured finance arrangement where NNPC Limited sells a predetermined quantity of future crude oil production to a Special Purpose Vehicle (SPV), which secures upfront payment from international financial institutions.

He said the executive council had subsequently approved the appointment of Tiaras White Consults Ltd to safeguard Oyo State’s interest and to ensure proper fund reconciliation, recovery, and advisory services under the project.

“The executive council has approved the engagement of Tiaras White Consults Ltd as a consultant to represent the interest of the Oyo State Government,” the letter stated.

The speaker, while reading the letter, noted the importance of legislative backing in such matters, especially when they relate to financial oversight and public accountability.

He commended the governor’s proactive step in addressing the NGF’s concerns and ensuring the state receives its fair share of the funds involved.

(NAN)