NNPCL Set To Sell Shares, Announces Readiness

The Nigerian National Petroleum Company Limited (NNPCL) has announced that it is in the final stages of preparation for its highly anticipated listing on the capital market, in line with the provisions of the Petroleum Industry Act (PIA) 2021.

In a statement released on Thursday in Abuja, NNPCL’s Chief Corporate Communications Officer, Olufemi Soneye, disclosed the development. 

He noted that the company’s Chief Finance and Investor Relations Officer, Olugbenga Oluwaniyi, provided insights during a consultative meeting with partners at NNPC headquarters.

As part of the listing process, NNPCL is currently engaging potential partners in an initiative called the NNPC Ltd. IPO Beauty Parade, designed to comply with capital market regulations ahead of the Initial Public Offering (IPO).

According to Oluwaniyi, the IPO Beauty Parade aims to assess potential partners and explore how they can support the company’s listing process.

He outlined three key areas where partnerships are required; Investor Relations, IPO Readiness Advisory; Investment Banking Partnerships.

The company intends to select the most competitive partner for each category based on the strength of their proposals.

An IPO (Initial Public Offering) is a process through which a company sells its shares to institutional investors, paving the way for public trading. 

The PIA mandates NNPCL to list its shares on the capital market under the guidelines of the Companies and Allied Matters Act (CAMA) 1990.

This move marks a significant milestone in the transformation of NNPCL into a commercially viable entity, aligning with global best practices in the oil and gas industry.