We’re In Final Stages Of Initial Public Offering, Says NNPCL

The Nigerian National Petroleum Company Limited (NNPC Ltd) has revealed that it was at the final stages of getting listed in the capital market, in keeping with the provisions of the
Petroleum Industry Act (PA) 2021.

The company’s chief finance and investor relations officer (CFIO), Olugbenga Oluwaniyi, made this disclosure at a consultative meeting with partners at Abuja on Thursday.

Prior to getting listed, the NNPCL is expected to float an Initial Public Offer (IPO) of its shares to get private sector investments into the company.

LEADERSHIP reports that an IPO is when a company offers shares of its stock to the public for the first time, allowing them to be traded on a stock exchange.

Oluwaniyi said the NNPC Ltd is currently engaging with prospective partners in an exercise tagged “NNPC Ltd. IPO Beauty Parade” in line with capital market regulations
before the commencement of the Initial Pubic Offer (IPO).

According to the CFO, the aim of the IPO Beauty Parade is to access potential partners and determine in what ways they could be of support to the oil company.

He listed the areas of partnership required to include: investor Relations, IPO Readiness Advisers, and Investment Bank Partners.

He said the company with the best offer in terms of project partnership would be
selected for each of the three categories.

The PIA 2021 provides for the NNPC Ltd to list its shares in the capital market in line with
the provisions of the Company and Allied Matters Act (CAMA) 1990.