The Nigerian National Petroleum Company Limited (NNPC Ltd) is in the final stage of securing its listing on the capital market, in compliance with the provisions of the Petroleum Industry Act (PIA) 2021.
The company’s Chief Finance and Investor Relations Officer (CFIO), Mr. Olugbenga Oluwaniyi, disclosed this at a consultative meeting with partners at the NNPC Towers in Abuja on Thursday, according to a statement by the Chief Corporate Communications Officer, Olufemi Soneye.
As part of preparations for the Initial Public Offer (IPO), NNPC Ltd has launched an engagement process with potential partners through an exercise tagged the “NNPC Ltd. IPO Beauty Parade.”
Strategic Partnerships for IPO Readiness
Oluwaniyi explained that the IPO Beauty Parade aims to assess potential partners and identify how they can support the company in its journey to becoming a publicly listed entity.
Key partnership areas required for the listing include:
Investor Relations
IPO Readiness Advisers
Investment Banking Partners
The CFIO noted that NNPC Ltd would select the most competitive offer in each category to ensure a seamless and successful IPO process.
An Initial Public Offering (IPO) is a public offering in which shares of a company are sold to institutional investors, providing a pathway for the company to raise capital from the stock market.
The Petroleum Industry Act (PIA) 2021 mandates NNPC Ltd to list its shares on the capital market, in alignment with the provisions of the Companies and Allied Matters Act (CAMA) 1990.
With this move, NNPC Ltd is set to transition further into a commercially-driven energy company, opening up investment opportunities and enhancing transparency in Nigeria’s oil and gas sector.
