NNPC to conduct initial public offer

The Nigerian National Petroleum Company (NNPC) Limited has announced its readiness for the capital market with an Initial Public Offer (IPO) now in the final stage.

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, Abuja, on Thursday.

He said the move aligned with the provisions of the Petroleum Industry Act, 2021.

He said NNPCL was 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 IPO.

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

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He listed the areas of partnership required to include Investor Relations, IPO Readiness Advisors, 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 provides for NNPCL to list its shares in the capital market in line with the provisions of the Company and Allied Matters Act (CAMA) 1990.

By: Babajide Okeowo

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