March 27, (THEWILL) – The Nigerian National Petroleum Company Limited has said it is in the final stages of securing a listing on the capital market as part of its transition into a fully commercial entity.
A statement on Thursday by the Chief Corporate Communications Officer, Olufemi Soneye, said the company’s Chief Finance and Investor Relations Officer, Olugbenga Oluwaniyi, disclosed this at a consultative meeting with partners at the NNPC Towers in Abuja.
Oluwaniyi noted that the move aligns with the provisions of the Petroleum Industry Act 2021, which mandates NNPC Ltd to become a publicly listed company.
As part of the process, the company is currently engaging with prospective partners in an initiative tagged the “NNPC Ltd IPO Beauty Parade.”
The exercise, he explained, is aimed at assessing potential partners and determining their capacity to support NNPC Ltd’s planned Initial Public Offering. He listed key areas of partnership to include Investor Relations, IPO Readiness Advisers, and Investment Bank Partners, adding that firms with the best proposals in these categories would be selected.
An IPO is a public offering where shares of a company are sold to institutional investors, paving the way for public trading.
The Petroleum Industry Act provides for NNPC Ltd to list its shares on the stock market in accordance with the provisions of the Companies and Allied Matters Act.
