The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Emmanuel Ibe Kachikwu has said that the ongoing reform of the Corporation is already yielding positive results with huge savings of about $150 million monthly achieved through contract cancellations, Vanguard reports.
According to him, “If you look at the contracts we have cancelled, we have saved an average of $150 million a month, just that some of those contracts were cancelled and were being given new models, even for the interim period.
In December, obviously we are going to have the crude bids. We are going to have the coastal bids. We are going to have the OPA bids. They will be thrown out to the entire world. Hopefully, we end up with a sequence of results that will only save money, improve efficiency and be seen as transparent.”
Reiterating the essence of systems transparency, Kachikwu noted that “If NNPC must get back its credibility; it must be on the altar of transparency,” adding, “it is an entitlement of the country. It is not a privilege for people to know how their oil money is obtained, how contracts are done, how the income is spent. With NNPC not being a private company, we must be very open.”