The Nigerian National Petroleum Company Limited (NNPC Ltd) is in the final stages of getting listed on the stock market, aligning with the provisions of the Petroleum Industry Act (PIA) 2021.
Olufemi Soneye, NNPC Ltd’s Chief Corporate Communications Officer, disclosed this in a statement on Thursday, citing insights from the company’s Chief Finance and Investor Relations Officer (CFIO), Olugbenga Oluwaniyi.
According to the statement, Mr. Oluwaniyi made the announcement during a consultative meeting with partners at the NNPC Towers in Abuja. He revealed that NNPC Ltd is engaging with prospective partners in an exercise called the “NNPC Ltd IPO Beauty Parade.” This initiative aims to assess potential collaborators before the official commencement of the Initial Public Offering (IPO).
Mr. Oluwaniyi outlined the key partnership areas, including investor relations, IPO readiness advisory, and investment banking. He emphasized that the best offers in terms of strategic support would be selected in each category.
“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,” the statement reiterated.
An IPO allows a company to offer its shares to the public, marking a significant step toward financial independence and market-driven operations.
NNPC Ltd’s transformation into a commercial entity began in July 2022 when former President Muhammadu Buhari officially unveiled the restructured company. The transition, mandated by the PIA, saw the state-run oil firm become a profit-driven corporation limited by shares. While government bodies remain shareholders, NNPC Ltd now operates independently and is subject to annual audits.
This stock market listing represents a major milestone in NNPC Ltd’s journey toward transparency, efficiency, and global competitiveness.
In February 2023, the company officially took over the assets of the nation’s oil company after 46 years of its operations as a corporation.
The company took over after attaining legal requirements within the stipulated 18 months in line with section 54 (3) of the PIA 2021 and the corporation transitioned into a company whose operations will be regulated by the Companies and Allied Matters Act (CAMA).
