Home Finance NNPC alleged to renovate GMD House with N100 million

NNPC alleged to renovate GMD House with N100 million

by Business News Report

By Omoh Gabriel, Business Editor.
The Nigeria National Petroleum Corporation (NNPC) is alleged to have spent the sum of N100million naira to renovate the official residence of its group managing director Engineer Funsho Kupolokun at a time the corporation is insisting that fuel prices must go up for it to continue to import products into the country. The cost of the renovation was said to have been paid upfront in April 2004. NNPC officials who are disenchanted with the development are angry that so much money could be spent on what they term purported renovation of the official residence of the GMD at a time when many Nigerians are said to be living below one dollar a day. The amount they say was spent on furniture and other ancessaries in the house. According to NNPC officials, the house is a rented apartment in Asokoro area of Abuja.
NNPC officials are grieved in the sense that the contract for the renovation was out of tune with realities on ground and that it did not pass through due process and competitive bidding. More so that the contractor (namewithheld) was paid in advance of the actual execution of the project. The renovation according to NNPC officials cover only the provision of furniture and electronic appliances in the GMD official residence.
The GMD who took over from Gaisu Obaseki last year was said to have opted for official residence in which an apparment was rented in the Asokoro district of Abuja. For the house to befit the status of the GMD, the sum of N100million was said to have been approved for its renovation. The former GMD of the NNPC stayed in Nicon Nugal Hotels throughout his period and incured a bill of over N100 million annually in lieu of accommodation.
Officials of NNPC are particularly irked that this is happening at a time when the NNPC and the federal government are asking Nigerians to tighten their belts and pay more for a litre of fuel. The NNPC said that due to increases in its cost it can no longer afford to import fuel at previous price levels and as such fuel prices have to be adjusted upword. As a result of the incesnt increases in fuel price the nation has witnessed industrial unrest and factory closure. Officials said that because of the dienchantment and general discontent of the NNPC work force for the firstg time in the history of NNPC, the staff of the corporation joined the last general strike.

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