How NPDC lost $36m

 A non-governmental anti-corruption group, Youth Coalition for Change (YCC), has petitioned the Group Managing Director (GMD), Nigeria National Petroleum Corporation (NNPC), Dr. Maikanti Baru, over alleged loss of over $36 million (N11.35billion) by the National Petroleum Development Company (NPDC) through faulty procurement process. The group claimed it is estimated that the faulty procurement process which led to loss of not less $20,000 a day by the NDPC, would have cost the company a cumulative loss of about $36 million in the past five years. Its National Coordinator, Joe Odudu and National Secretary, Innocent Izoma, who signed the petition dated 10 October alleged that the abuse of the procurement process by NPDC officials has been going on since 2008 when the contract for the procurement of security patrol boats to secure oil facilities was signed. The petition read:"It is sad to note that one of your subsidiaries, the NPDC with a considerable number of oil assets in its portfolio, has been unable to make its mark in the petroleum sector in spite of its huge assets of several oil blocs, freely ceded to it by the Federal Government.  

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