Over 600 companies are jostling to get the contract to insure the Nigerian National Petroleum Corporation (NNPC) oil and non-oil assets.
This was revealed by the Group Managing Director of the NNPC Maikanti Baru in Abuja at the opening of bids for Insurers and Brokers for NNPC Oil and Non-Oil Assets and Liabilities for the year 2018/2019 in Abuja.
According to Baru, the “Last year we had over 500 and this year we have received over 600 bids. This multiplicity of bidders has helped us year-in-year-out over the past three years to save premiums of over $30m to the corporation.
“When this administration came on board, the premiums being charged were over $60 million but we have succeeded in bringing it down to a little over $40 million.”
Baru added that “In terms of transparency and accountability, I can guarantee you that there is no other government agency that is more open than us.
“We are the first government agency, maybe the only one that is still publishing its account on monthly basis and unfailingly. That is the uppermost point of transparency.”