This Day Live: NLNG Boss Tasks Procurement Managers on Transparency, Cost Efficiency

The Chief Executive Officer and Managing Director of Nigeria LNG Limited, Mr. Babs Omotowa has charged procurement managers to ensure transparency and efficiency in contract and procurement processes. He said that due processes, transparency, benchmarking database, and e-procurement, are indeed the right direction.

Omotowa noted that in many countries and companies, the expenditure on goods and services accounts for 60 or 70 per cent of their total expenditure.

This, Omotowa said clearly has significant impact on the bottom line, either in terms of profitability or the delivery of socio-economic impact.

He said many oil and gas producing nations were taking various steps to respond to the challenge of low oil price by cutting costs.

Read the full article HERE.