Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Dr Maikanti Baru on Thursday said that the corporation saved $30 million from insurance premium in the past three years.
Baru disclosed this at the 2018/2019 bid opening for Insurance Companies and Brokers for NNPC Oil and Asset Liability, in Abuja.
He said that the Corporation insisted on transparency in carrying out its bidding processes, saying this had brought about positive changes in business transactions.
“The bidding process has helped NNPC to bring in more participants in all it is doing, especially with the Insurance brokers.
“Last year, about 500 insurance firm and brokers participated in the process and this year as at the close of submission by noon, we have recorded over 600 participants.
“This multiplicity has helped the corporation year in and year out, over the past three years; we have saved about $30 million from what we pay in insurance premium.
“The trust of this result is transparency and openness, which has improved the chances, for new participants to participate in doing business in the sector,’’ NAN quotes Baru as saying.