New Telegraph

December 6, 2023

78 firms bid for NNPC’s assets’ contracts

Seventy-eight companies have joined the hot race to secure the contracts for the rehabilitation of critical downstream pipelines, associated depots and terminal infrastructure of the Nigerian National Petroleum Corporation (NNPC) through the Finance, Build, Operate and Transfer (BOT) model.


NNPC’s Group Managing Director, Mallam Mele Kyari, stated that the exercise was in fulfillment of NNPC’s avowed commitment to transparency and accountability as an Extractive Industries Transparency Initiative (EITI) partner company and as directed by President Muhammadu Buhari that all its operations must be guided by integrity.


“This is not possible to achieve if we do not have the leadership disposition that is in support of transparency. I can confirm to all of you that it is the clear directive of Mr. President that this company must be accountable and must be transparent to its shareholders.


We must take all necessary steps to make sure that our transactions are known to the citizens of this country, that we do things for the common good of all of us and that in doing our business, we must ensure integrity,” the GMD stated.


He noted that the Finance, Build, Operate and Transfer (BOT) model became imperative in the corporation’s journey to rehabilitate its downstream infrastructure, which, over time, has become vulnerable, lost value and integrity due to age and incessant vandalism.

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