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The Nigerian National Petroleum Company Limited (NNPC Ltd) has announced that it is in the final stages of preparing for its much-anticipated listing on the capital market, in accordance with the Petroleum Industry Act (PIA) 2021.
This was disclosed on Thursday by the company’s Chief Corporate Communications Officer, Olufemi Soneye, in a statement from Abuja.
According to Soneye, NNPC Ltd’s Chief Finance and Investor Relations Officer, Olugbenga Oluwaniyi, shared the update during a consultative meeting with partners at the company’s headquarters.
As part of the preparatory process, NNPC Ltd is currently engaging with potential investors through an exercise tagged the “NNPC Ltd. IPO Beauty Parade.” This initiative, in line with capital market regulations, aims to assess prospective partners before the commencement of the Initial Public Offering (IPO).
Oluwaniyi outlined key areas of partnership required for the IPO process, including:
Investor Relations Management
IPO Readiness Advisory
Investment Banking Partnerships
He added that companies with the most competitive offers in these categories would be selected as NNPC Ltd’s strategic partners.
The PIA 2021 mandates NNPC Ltd to list its shares on the capital market in compliance with the Companies and Allied Matters Act (CAMA) 1990. An IPO will enable institutional investors to purchase shares in the company, marking a significant shift in Nigeria’s oil and gas sector.
With the IPO preparations nearing completion, NNPC Ltd is set to enter a new phase of transparency and private-sector participation, signaling a transformative moment for the country’s national oil company.
