Nigerians will soon have the opportunity to become shareholders in the Nigerian National Petroleum Company Limited (NNPC Ltd).
The state-owned public enterprise said it was at the final stage of issuing its shares under its initial public offer to prospective investors as shareholders.
The IPO is expected to follow immediately after the national oil company becomes a publicly listed company in the Nigerian capital market, in keeping with the provisions of the
Petroleum Industry Act (PIA) 2021.
The Company’s Chief Finance and Investor Relations Officer
(CFIO), Olugbenga Oluwaniyi, disclosed this at a consultative meeting with partners in Abuja on Thursday.
Oluwaniyi said the NNPC Ltd was currently engaging with prospective partners in an exercise tagged, “NNPC Ltd. IPO Beauty Parade” in line with capital market regulations
prior to the commencement of the process for the IPO.
The CFIO said the aim of the NNPC Ltd IPO Beauty Parade would be to access potential
partners and determine what ways they could be of support to the company with its plans.
He listed the areas of partnership required by the company to include Investor Relations, IPO Readiness Advisers, and Investment Bank Partners.
The company with the best offer, in terms of project partnership, he explained, would be
selected for each of the three categories.
Since the transition of the NNPC from being a wholly-owned government corporation to a public limited liability company operated under the regulations spelled out by the PIA and the Companies and Allied Matters Act (CAMA) 2020 as a commercial entity, the enlistment process has been on in the Nigerian Exchange.
With the latest development, the NNPC Ltd will join other oil companies like Oando PLC, Seplat Energy PLC, Chevron Nigeria Ltd, Conoil Plc, Ardova Plc, and Total already in the NGx.
