577 firms bid for NNPC Insurance Renewal Programme

The Nigerian National Petroleum Corporation, NNPC, said it harvested and opened a total of 577 bids from companies seeking insurance renewal contracts for the its oil and non-oil assets.

The NNPC Group General Manager, Risk Management and Insurance, Modupe Bameke, said that apart from being a requirement of the Bureau of Public Procurement, BPP, the public bids opening has become part of the Corporation’s tradition aimed at promoting transparency.

“The essence of this public bid opening is to ensure that the Corporation complies strictly with the provisions of the Bureau of Public Procurement Act (BPP). All the bids will be opened in the presence of everybody to ensure that all entries are properly captured in line with the transparency principle of the NNPC,” Mr. Bameke said.

The Group General Manager, Supply Chain Management, Shehu Liman, said the public opening bids was to provide a level playing field for all bidding companies.

“The idea is to select broking and insurance companies that are credible and capable with track records of performance. What this means is that we are going to eliminate all those transactions that are not necessary,” Mr. Liman stated.

The breakdown of bidders showed that 245 brokers tendered for oil assets; 251 brokers tendered for non-oil assets, while 37 insurance companies tendered for oil assets and 44 tendered for non-oil assets.

The NNPC said bids opening exercise was witnessed by officials of the Bureau of Public Procurement, BPP; Nigerian Extractive Industry Transparency Initiative, NEITI; Nigerian Content Development and Monitoring Board, NCDMB; and National Insurance Commission, NAICOM as well as members of the civil society who served as independent assessors.