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42 underwriters jostle to insure NNPC assets

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About 42 insurance companies Tuesday, in Abuja, pushed for contract to insure assets of the nation’s oil firm, Nigerian National Petroleum Corporation’s (NNPC).

Group Managing Director of NNPC, Mele Kyari, said the selection of insurer for the assets would be transparent, just as is the practice in other areas of its operations nationwide.

Kyari spoke during the public bid opening exercise for companies that participated in the expression of interest as a lead insurer for the Corporation’s oil assets for 2020/2021.

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He said: “I am reassuring this country and the rest of our stakeholders that we are poised to make sure that this company acts and works transparently; we will remain accountable to our stakeholders. As a matter of duty for me and the management team, we will deliver on this,” he was quoted in a statement.

Kyari urged the bidding companies to accept the result, as only the best would emerge winner.

Chief Financial Officer, NNPC, Umar Ajiya, stressed the need for proper protection of the national oil assets, adding that the exercise was in pursuance of that objective.

He disclosed that a total of 42 companies submitted bids for the lead insurer contract, adding that each of the bids would be assessed on its own merit.

On hand to witness the bid opening process to ensure conformity with the public procurement law were representatives of the Bureau of Public Procurement (BPP), the Nigeria Extractive Industries Transparency Initiative (NEITI), National Insurance Commission (NAICOM), and civil society organisations.

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