NNPC says its initial public offer is in the final stage

The Nigerian National Petroleum Company Limited (NNPC Ltd) has announced it is in the final stages of securing a listing on the capital market, in compliance with the provisions of the Petroleum Industry Act (PIA) 2021.

This development was revealed by the company’s Chief Finance and Investor Relations Officer (CFIO), Olugbenga Oluwaniyi, during a consultative meeting with potential partners at the NNPC Towers in Abuja on Thursday.

According to Oluwaniyi, NNPC Ltd is currently engaging with prospective partners through an initiative known as the “NNPC Ltd. IPO Beauty Parade.”

The exercise, conducted in accordance with capital market regulations, is a preparatory step ahead of the company’s Initial Public Offering (IPO).

“The aim of the IPO Beauty Parade is to assess potential partners and determine how they can support NNPC Ltd in the IPO process,” he stated.

He outlined three key partnership areas essential for the IPO process, investor relations, IPO readiness advisors, and investment bank partners.

The CFIO further noted that NNPC Ltd would select companies offering the most competitive proposals in these categories to facilitate its transition into a publicly traded entity.

The PIA mandates that NNPC Ltd list its shares in the capital market by the provisions of the Company and Allied Matters Act (CAMA) 1990.

As the state-owned oil giant moves closer to its IPO, industry stakeholders are closely monitoring developments, anticipating the impact of NNPC Ltd’s listing on Nigeria’s capital market and the broader energy sector.