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FINANCIAL VALUE GENERATED SUPPLY CHAIN PROCESSES

At Waltersmith, we have put in place a world-class supply We have in place a contracting process that is streamlined
chain system that emphasizes equal opportunity, value for with adequate controls as guided by our Supply Chain
money, and transparency. Integrity and transparency is at the Management Policy & Procedure ensuring the contracting
heart of what we do, and this is emphasized in order to process is transparent. As part of our vendor registration
eliminate unfair practices, eliminate or reduce exposure to process we require vendors to be registered with the Nigerian
business risk by engaging with high-risk counterparties.
Content Development and Monitoring Board (NCDMB)
thereby encouraging capacity building for our indigenous Oil
Our supply chain cuts across local and international entities
& Gas Service Companies.
from the petroleum/energy, engineering, construction,
hospitality and financial services. While some of our vendors
provide one off services, some are engaged on a constant We lay emphasis on commitment to HSE and aim to provide
basis and others on a need-to basis. For our reporting year, opportunities for people in our host communities in our
there were over a hundred and fifty vendors registered in our tender evaluation criteria ensuring that all contracts are
company database. executed responsibly and safely, and in the process create job
opportunities for our host communities.
Our approach to supply chain management is hinged on
having a 100% quality culture with respect to the supply of
For the reporting year, we had forty-seven indigenous
goods and services and an unwavering commitment to
contractors carrying out various projects for our host
ensuring only suppliers that are willing to adopt and
communities. This translates to an increased level of economic
understand our “quality culture” work with the company.
activities in the communities.
Our Supply Chain Procurement Policy and procedure manual
codifies our guidelines for the purchase of goods and It is important to mention that due diligence is carried out by
services for the company. It is a document that outlines the the relevant unit prior to vendor registration and we have a
execution of such services and describes the minimum robust KYC system in place through the aid of a detailed
mandatory requirements for the execution of the Company's
questionnaire with different details covering history of
procurement management processes. The Policy will be
technical and commercial competency and financial
revised from time to time based on emerging realities, new
capability, compliance with regulatory requirements, team
developments and regulatory changes impacting the
proficiency and anti-bribery and corruption policy.
Company's procurement activities.

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