NNPC Receives 577 Bids For Insurance Renewal Programme

Group Managing Director, Nigerian National Petroleum Corporation, Dr Maikanti Baru

A total of 577 companies have submitted bids for the Nigerian National Petroleum Corporation (NNPC) insurance renewal programme.

The bids from the firms seeking to secure the insurance renewal contract for the Corporation’s oil and non-oil assets were publicly opened in Abuja as required by the country’s public procurement law.

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

“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 process, according to the NNPC is aimed at providing a level playing field for all bidding companies and ultimately select broking and insurance companies that are credible and capable with track records of performance.

The breakdown of bidders shows 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.

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