NNPC Set To Sell Shares To Public

The Nigerian National Petroleum Company Limited (NNPCL) has hinted that it is now at the final stage of getting listed in the capital market in accordance with the provisions of the Petroleum Industry Act (PIA) 2021.

The NNPCL Chief Corporate Communications Officer NNPC Ltd, Olufemi Soneye, made the announcement in a statement released on Thursday in Abuja.

Soneye quoted the company’s Chief Finance and Investor Relations Officer, Olugbenga Oluwaniyi, to have disclosed the development during a consultative meeting with partners at the NNPC headquarters.

He said NNPC Ltd was currently engaging with prospective partners in an exercise tagged, “NNPC Ltd. IPO Beauty Parade” in line with capital market regulations before the commencement of the Initial Public Offer.

“According to the CFIO, the aim of the IPO Beauty Parade is to access potential partners and determine in what ways they could be of support to the company,” the statement read.

He listed the areas of partnership required to include: Investor Relations, IPO Readiness Advisors and Investment Bank Partners.

He said the company with the best offer in terms of project partnership would be selected for each of the three categories.

An IPO is a public offering in which shares of a company are sold to institutional investors.

The PIA provides for NNPC Ltd to list its shares in the capital market in line with the provisions of the Company and Allied Matters Act (CAMA) 1990 with a view to transitioning from a state-owned entity to a fully commercial enterprise.

This is being finalised with the planned listing on the Nigerian Exchange (NGX) four years after the PIA became operational.