According to a report by Daily Trust, the Nigerian National Petroleum Company Limited (NNPC) has announced that it is in the final stages of preparing for its listing on the capital market, in line with the provisions of the Petroleum Industry Act (PIA) 2021.
Olufemi Soneye, Chief Corporate Communications Officer of NNPC Ltd, revealed this development in a statement on Thursday in Abuja.
He cited the company’s Chief Finance and Investor Relations Officer, Olugbenga Oluwaniyi, who made the disclosure during a consultative meeting with potential investors at the NNPC headquarters.
As part of the preparations, NNPC has launched an engagement process known as the “NNPC Ltd. IPO Beauty Parade.”
This initiative allows the company to interact with potential investment partners while adhering to capital market regulations before launching its Initial Public Offering (IPO).
“The IPO Beauty Parade aims to assess potential partners and explore how they can support the company’s transition into a publicly traded entity,” the statement noted.
Oluwaniyi outlined three key partnership areas required for the process: Investor Relations, IPO Readiness Advisors, and Investment Banking Partners.
He added that the company would select partners based on the best project proposals in each category.
An IPO allows a company to sell shares to institutional investors and, eventually, to the public.
The PIA mandates that NNPC be listed in the capital market in accordance with the Companies and Allied Matters Act (CAMA) 1990, enabling its transformation from a state-owned enterprise to a fully commercial entity.
This long-anticipated listing on the Nigerian Exchange (NGX) marks a major milestone in NNPC’s transition, nearly four years after the implementation of the PIA.
The move is expected to enhance transparency, attract investment, and position NNPC as a competitive player in the global oil and gas market.
Stakeholders are closely monitoring developments, as the listing will open opportunities for both local and foreign investors to own shares in Nigeria’s national oil company.
SOURCE: Mustyncy
