- NNPC Ltd was in the final stages of preparing for its IPO
- The company engaged with partners to identify the best project support offers
- NNPC Ltd was set to list its shares in the capital market under the Petroleum Industry Act
The Nigerian National Petroleum Company Limited (NNPC Ltd) is in the final stages of preparing for its Initial Public Offering (IPO) and is set to be listed on the stock market, according to a recent announcement.
In a statement issued by Olufemi O. Soneye, the Chief Corporate Communications Officer of NNPC Ltd, the company revealed that it is currently in the midst of selecting project partners ahead of its public listing.
This selection process will focus on identifying the most advantageous partnerships to support the IPO.
"NNPC Ltd is at the final stage of getting listed in the capital market, in line with the provisions of the Petroleum Industry Act (PIA) 2021," said Soneye.
The statement was made following remarks by Mr. Olugbenga Oluwaniyi, the Chief Finance and Investor Relations Officer (CFIO) of NNPC Ltd, during a consultative meeting with partners held at the NNPC Towers in Abuja on Thursday.
Oluwaniyi explained that the company is engaging with prospective partners in an initiative called the "NNPC Ltd. IPO Beauty Parade."
This exercise, which aligns with capital market regulations, is intended to finalise partnerships ahead of the IPO launch.
"The goal of the IPO Beauty Parade is to identify potential partners who can support the company in key areas, The areas of focus include Investor Relations, IPO Readiness Advisers, and Investment Bank Partners," said Oluwaniyi.
According to the CFIO, the company will select the partner offering the best project proposal in each of the three categories.
An IPO is a public offering in which a company's shares are sold to institutional investors, opening the company to public ownership. Under the provisions of the Petroleum Industry Act (PIA), NNPC Ltd is set to list its shares in the capital market in compliance with the Company and Allied Matters Act (CAMA) 1990.
NNPCL, oil marketers consider eliminating petrol imports to focus on Dangote’s production
Meanwhile, TheRadar earlier reported that the Nigerian National Petroleum Company Limited (NNPCL) was in talks with major oil marketers and other stakeholders to devise a strategy aimed at eliminating petrol importation, with a strong focus on increasing the country’s reliance on the Dangote Refinery for domestic fuel supply.
A meeting was recently held by Mele Kyari, NNPCL’s Group Chief Executive Officer, alongside the Nigerian Midstream and Downstream Petroleum Regulatory Authority, and included representatives from major oil marketing associations such as the Major Oil Marketers Association of Nigeria (MOMAN), Depot and Petroleum Products Marketers Association of Nigeria (DAPPMA), and other key companies like 11 Plc, Matrix, and AA Rano.
