Business and Financial Terminology

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91 Questions

What is the purpose of a Turnaround Maintenance?

What does a Single Goods Declaration document detail?

What is the purpose of an Economic Ordering Quantity?

What does a Material Safety Data Sheet provide?

What is the purpose of a Pre-Arrival Assessment Report?

What is the purpose of a Purchase Order?

What does a Request for Proposal solicit?

What is the purpose of an Authority for Expenditure document?

What is the function of the Asset Disposal Committee?

What is the primary purpose of Reverse Auction in NNPC Limited SCM processes?

What does the Custody Transfer primarily involve?

What is the primary function of Goods Receipt in NNPC Limited SCM processes?

What is the main purpose of Frameworks Agreement in NNPC Limited SCM processes?

What does Contract Management primarily involve in NNPC Limited SCM processes?

In the NNPC Limited SCM Processes and Procedures Document, what is the section number for Category Management?

What is the date of approval for the NNPC Limited SCM Processes and Procedures Document?

Which position endorsed the NNPC Limited SCM Processes and Procedures Document?

What does ADB stand for in the context of the text?

What is the section number for Plan Procurement Policies in the NNPC Limited SCM Processes and Procedures Document?

In the context of the text, what does CASHES refer to?

What is the full meaning of EPC as per the text?

Who checked the NNPC Limited SCM Processes and Procedures Document?

What is the section number for Purchase Requisition Key Performance Indicators in the NNPC Limited SCM Processes and Procedures Document?

What does GED stand for in the context of the text?

Who approved the NNPC Limited SCM Processes and Procedures Document?

In the context of the text, what does NCB refer to?

What is the full meaning of NIPEX as per the text?

What does MSDS stand for in the context of the text?

In the context of the text, what does MRP refer to?

What does SLT stand for in the context of the NNPC Limited SCM Processes and Procedures Document?

What is the purpose of a Full Meaning section in the NNPC Limited SCM Processes and Procedures Document?

In the NNPC Limited SCM Processes and Procedures Document, what does PIA stand for?

What is the purpose of Glossary section in the NNPC Limited SCM Processes and Procedures Document?

Who is responsible for checking the NNPC Limited SCM Processes and Procedures Document?

What is the function of Acronyms section in the NNPC Limited SCM Processes and Procedures Document?

What does MSDS stand for in the context of the NNPC Limited SCM Processes and Procedures Document?

What is the purpose of a Material Safety Data Sheet (MSDS) in NNPC Limited SCM processes?

What does a Pre-Arrival Assessment Report primarily involve in NNPC Limited SCM processes?

What is the primary function of Turnaround Maintenance in NNPC Limited SCM processes?

What is the purpose of a Single Goods Declaration document in NNPC Limited SCM processes?

What does a Letter of Credit primarily involve in NNPC Limited SCM processes?

What is the purpose of an Economic Ordering Quantity (EOQ) in NNPC Limited SCM processes?

What is the primary function of Enterprise Resource Planning (ERP) in NNPC Limited SCM processes?

What is the primary function of a Bill of Engineering Measurement and Evaluation (BEME) in NNPC Limited SCM processes?

What is the primary purpose of an Authority for Expenditure (AFE) document in NNPC Limited SCM processes?

What does the Asset Disposal Committee primarily recommend in NNPC Limited SCM processes?

What is the primary purpose of Reverse Auction in NNPC Limited SCM processes?

What does Custody Transfer primarily involve in NNPC Limited SCM processes?

What does the acronym 'LC' stand for in the context of the text?

What is the full meaning of 'CAPEX' as per the text?

In the NNPC Limited SCM Processes and Procedures Document, what does 'NCDMB' refer to?

What is the primary function of 'MRP' in NNPC Limited SCM processes?

'GRC' in the context of the text stands for:

'DOA' in the context of the text stands for:

What was NNPC transformed into in July 2022?

When was NNPC established?

Where is the headquarters of NNPC located?

Which companies are part of the joint venture managed by NNPC?

Where is NNPC's international office located?

What was NNPC's rank on LinkedIn's list of best companies to work in Nigeria in 2023?

What did NNPC state it had signed in October 2019 with Nigeria LNG for upstream gas development projects?

In which city is one of NNPC's zonal offices located?

What is the primary purpose of the NNPC Towers in Abuja?

What type of resources does NNPC partner with foreign oil companies to exploit?

What entity is licensed to operate in Nigeria's petroleum industry?

What percentage of federal government revenue does NNPC account for?

Who was appointed as the new Group Chief Executive Officer (GCEO) of NNPC in December 2021?

What percentage of the country's GDP does NNPC account for?

What is the primary responsibility of NNPC?

What did NNPC publicly feature on its website for the first time in history?

What did the Nigerian Association of Petroleum Explorationists (NAPE) praise Mele Kyari for?

When was Olubunmi Tunji-Ojo appointed as the minister of Interior of Nigeria?

In which school was Olubunmi Tunji-Ojo elected as the senior prefect in 1998?

Which constituency did Olubunmi Tunji-Ojo represent in the House of Representatives from 2019 to 2023?

Which committee did Olubunmi Tunji-Ojo chair during his first term in the House of Representatives?

In which year was Olubunmi Tunji-Ojo re-elected as the federal lawmaker representing Akoko North East and North West Federal Constituency?

Where was Olubunmi Tunji-Ojo born?

In which year did Olubunmi Tunji-Ojo gain admission into Obafemi Awolowo University to study Electrical and Electronics Engineering?

When did Olubunmi Tunji-Ojo resign his membership of the lower chamber of the National Assembly?

What position did Olubunmi Tunji-Ojo hold during his first term in the house of representatives?

At which school did Olubunmi Tunji-Ojo complete his primary education in 1993?

In which year did the National Youth Council of Nigeria award the individual as one of the 30 most Influential young Nigerians?

For what reason did the Nigeria Union of Journalists (NUJ) Ondo State Council award the individual as the most outstanding constituents-friendly Federal Lawmaker of the year?

Which organization recognized the individual with a Gold award of excellence on Community Development in 2019?

In which year was the individual awarded the Leadership award of excellence by Not Too Young To Rule Initiative?

For what reason did the National Assembly New Media Forum present an award to the individual in 2021?

Which organization recognized the individual with a Fellow’s award in 2021?

What was the title of the award received by the individual from Joseph Ayo Babalola University, Ikeji Arakeji, Osun State in 2021?

In which year did the Southwest First Alert Magazine present an award to the individual as the best Federal incumbent Honourable Member for remarkable contributions towards the growth and development of South-West region?

What recognition did The Federal University of Technology, Akure (FUTA), Nigeria confer upon the individual in 2021?

What recognition did Sir Ahmadu Bello Platinum Leadership Award confer upon the individual in 2019?

Summary

  • NNPC Limited SCM (Supply Chain Management) processes involve several steps: Procurement Method, RFP/Quotation, Emergency Procurement, Frameworks Agreement, Purchasing Cards, Reverse Auction, Negotiate with Preferred Bidder, Issue Purchase Order, Contract Management, Vendor Management, Clearing and Haulage, Goods Receipt, Warehousing, Stock Review, Stock Replenishment, Stock Write-Off & Disposal, Stock Transfer, and Custody Transfer.

  • Procurement Method: Determine method, key performance indicators, issue EOI (Expression of Interest), and RFP (Request for Proposal)/Quotation.

  • Emergency Procurement: Policies, procedures, input & output documents, and key performance indicators.

  • Frameworks Agreement: Policies, procedures, input & output documents, and key performance indicators.

  • Purchasing Cards (P-Cards): Policies, procedures, input & output documents, and key performance indicators.

  • Reverse Auction: Policies, procedures, input & output documents, and key performance indicators.

  • Negotiate with Preferred Bidder: Policies, procedures, input & output documents, and key performance indicators.

  • Issue Purchase Order: Policies, procedures, input & output documents, and key performance indicators.

  • Contract Management: Policies, procedures, input & output documents, and key performance indicators.

  • Vendor Management: Policies, procedures, input & output documents, and key performance indicators.

  • Clearing and Haulage: Policies, procedures, input & output documents, and key performance indicators.

  • Goods Receipt: Policies, procedures, input & output documents, and key performance indicators.

  • Warehousing: Policies, procedures, input & output documents, and key performance indicators.

  • Stock Review: Policies, procedures, input & output documents, and key performance indicators.

  • Stock Replenishment: Policies, procedures, input & output documents, and key performance indicators.

  • Stock Write-Off & Disposal: Policies, procedures, input & output documents, and key performance indicators.

  • Stock Transfer: Policies, procedures, input & output documents, and key performance indicators.

  • Custody Transfer: Policies, procedures for custody transfer (non-stock items), input & output documents, and key performance indicators.

  • Asset Disposal Committee: An internal committee for recommending the best method of disposing obsolete or surplus equipment or stock and handling the disposal process.

  • Authority for Expenditure: A budgetary document that lays out proposed expenses for a particular project and authorizes an individual or group to spend a certain amount of money for that project.

  • Bill of Engineering Measurement and Evaluation: A document that lists all work items, their estimated quantities and cost, prepared from the specification and drawings of a project.

  • NNPC Limited SCM (Supply Chain Management) processes involve several steps: Procurement Method, RFP/Quotation, Emergency Procurement, Frameworks Agreement, Purchasing Cards, Reverse Auction, Negotiate with Preferred Bidder, Issue Purchase Order, Contract Management, Vendor Management, Clearing and Haulage, Goods Receipt, Warehousing, Stock Review, Stock Replenishment, Stock Write-Off & Disposal, Stock Transfer, and Custody Transfer.

  • Procurement Method: Determine method, key performance indicators, issue EOI (Expression of Interest), and RFP (Request for Proposal)/Quotation.

  • Emergency Procurement: Policies, procedures, input & output documents, and key performance indicators.

  • Frameworks Agreement: Policies, procedures, input & output documents, and key performance indicators.

  • Purchasing Cards (P-Cards): Policies, procedures, input & output documents, and key performance indicators.

  • Reverse Auction: Policies, procedures, input & output documents, and key performance indicators.

  • Negotiate with Preferred Bidder: Policies, procedures, input & output documents, and key performance indicators.

  • Issue Purchase Order: Policies, procedures, input & output documents, and key performance indicators.

  • Contract Management: Policies, procedures, input & output documents, and key performance indicators.

  • Vendor Management: Policies, procedures, input & output documents, and key performance indicators.

  • Clearing and Haulage: Policies, procedures, input & output documents, and key performance indicators.

  • Goods Receipt: Policies, procedures, input & output documents, and key performance indicators.

  • Warehousing: Policies, procedures, input & output documents, and key performance indicators.

  • Stock Review: Policies, procedures, input & output documents, and key performance indicators.

  • Stock Replenishment: Policies, procedures, input & output documents, and key performance indicators.

  • Stock Write-Off & Disposal: Policies, procedures, input & output documents, and key performance indicators.

  • Stock Transfer: Policies, procedures, input & output documents, and key performance indicators.

  • Custody Transfer: Policies, procedures for custody transfer (non-stock items), input & output documents, and key performance indicators.

  • Asset Disposal Committee: An internal committee for recommending the best method of disposing obsolete or surplus equipment or stock and handling the disposal process.

  • Authority for Expenditure: A budgetary document that lays out proposed expenses for a particular project and authorizes an individual or group to spend a certain amount of money for that project.

  • Bill of Engineering Measurement and Evaluation: A document that lists all work items, their estimated quantities and cost, prepared from the specification and drawings of a project.

  • In December 2021, the Nigerian Federal Government and the Nigeria National Petroleum Corporation (NNPC) signed a N621 billion Memorandum of Understanding for road infrastructure construction.

  • Following the passage of the Petroleum Industry Act in August 2021, NNPC now operates as a commercial entity and is no longer reliant on government funding and direct controls.

  • Mele Kyari was appointed as the new Group Chief Executive Officer (GCEO) of NNPC in December 2021.

  • In December 2023, a new Board and Management team will be appointed for NNPC, including the Non-Executive Board Chairman, Chief Pius Akinyelure.

  • NNPC manages its business operations through Strategic Business and Corporporate Services Units (SBUs/CSUs).

  • NNPC is responsible for upstream and downstream oil and gas developments, and has several subsidiaries and associated companies.

  • The Nigerian constitution declares that all minerals, gas, and oil in the country belong to the federal government, and NNPC accounts for 76% of federal government revenue and 40% of the country's GDP.

  • The Mallam Mele Kyari-led management of NNPC has been recognized for promoting transparency through various initiatives, including making public the corporation's audited accounts and setting up a joint committee with the Nigeria Extractive Industries Transparency Initiative (NEITI).

  • Stakeholders have commended the commitment and success of Kyari's actions in improving the industry within the past year.

  • NNPC's website now publicly features its audited accounts for the first time in history.

  • The Nigerian Association of Petroleum Explorationists (NAPE) praised Kyari for stabilizing the industry through robust policies.

  • Extractive Industries Transparency International (EITI) commended NNPC for setting a new standard of reporting.

  • NNPC and NEITI established a joint committee to deepen collaboration and promote transparency in the oil and gas industry.

  • In 2002, Tunji-Ojo left Obafemi Awolowo University in his third year to pursue a degree in Electronics and Communication Engineering at the University of North London, graduating in 2005. He earned a master's degree in Digital Communication and Networking from the same institution in 2006.

  • Before his political career, Tunji-Ojo was a successful ICT businessman and executive. He became the CEO of Matrix IT Solutions Limited at age 24, and held certifications in Ethical Hacking and Counter Measures, CompTIA Network Plus Engineer, and Britannia Hardware A+ Management Certificate Holder.

  • In Nigeria, Tunji-Ojo consulted for various government agencies, including the World Bank, and organizations like the Nigerian Content Development and Monitoring Board (NCDMB) and Nigerian National Petroleum Corporation (NNPC). He also helped pioneer the first Nigerian Content Workshop in 2016.

  • In 2019, Tunji-Ojo was elected as a House of Representatives member for Akoko North East/Akoko North West Federal Constituency of Ondo State on the All Progressives Congress (APC) platform. He organized support for Speaker Femi Gbajabiamila and was later appointed as the Chairman of the House Committee on Niger Delta Development Commission (NDDC).

  • During his first term, Tunji-Ojo led a probe into alleged malfeasance of over 80 billion Naira in the NDDC, making it the first probe into the commission's financial activities. He was also a member of several committees, including National Security and Intelligence, Local Content, Gas Resources, North East Development Commission, Housing, and Solid Minerals.

  • In February 2021, Tunji-Ojo was re-elected as the federal lawmaker representing Akoko North East and North West Federal Constituency. He was later appointed as the Minister of Interior by President Bola Tinubu and was sworn in on August 21, 2023.

  • Tunji-Ojo holds various awards for leadership, including the Sir Ahmadu Bello Platinum Leadership Award of Excellence and the Kwame Nkrumah Leadership Award. He is married to Abimbola Tunji-Ojo and they have two children.

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Test your knowledge of business and financial terms with this quiz. Learn about bill of quantities, business units, and capital expenditure.

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