What NNPC handbook say about award of contracts

What NNPC handbook says

The Handbook reads in part: “Due process involves the award and execution of contracts, projects and other activities by organizations openly, economically and transparently in accordance with the provisions of the law and without any regard for self-interest.

“NNPC as an organization has established a Tenders Board in all its subsidiaries as well as the Corporate Headquarters.

“By the provisions of the Public Procurement Act 2007, the NNPC Tenders Board is the final approving body for NNPC awarded contracts.

“Any contracts for a value beyond the financial limits of the NNPC Tenders Board will go via the Board to the Federal Executive Council (FEC) for approval.

“The limits of financial authority for expenditure as approved by the Federal Government are as follows:

• Federal Executive Council (FEC)—( From N2.70billion or from $20million)
• NNPC Tenders Board—( From N1.40million up to N2.70billion and $410million up to $20million
• Group Executive Committee (GEC)——( From N540 million up to N1.40 billion and from US$4 million up to US$10 million)
• Directorate Executive Committee (DEXCOM)—( From N270 million up to N540 million and from $2 million up to $4 million