The Nigerian National Petroleum Company Limited (NNPCL) has disclosed that it is in the final stages of preparation for its much-anticipated listing on the capital market, in compliance with the Petroleum Industry Act (PIA) 2021.
In a statement issued on Thursday in Abuja, NNPCL’s Chief Corporate Communications Officer, Olufemi Soneye, confirmed the development, highlighting the company’s ongoing engagement with potential investment partners.
The company’s Chief Finance and Investor Relations Officer, Mr. Olugbenga Oluwaniyi, provided further details during a consultative meeting at the NNPC headquarters. He revealed that NNPCL is currently conducting a strategic exercise known as the “NNPC Ltd. IPO Beauty Parade” to assess prospective partners before officially launching the Initial Public Offering (IPO).
Strategic Partnerships Ahead of IPO
Oluwaniyi explained that the objective of the IPO Beauty Parade is to evaluate potential collaborators and determine how they can support the company’s transition into a publicly traded entity.
He outlined key areas where partnerships are required, including:
Investor Relations
IPO Readiness Advisory
Investment Banking Support
Companies with the most competitive and strategic partnership offers will be selected in each category to support the IPO process.
Compliance with Regulatory Framework
An IPO enables a company to sell shares to institutional and individual investors, facilitating broader public ownership. The Petroleum Industry Act (PIA) 2021 mandates NNPCL to list its shares on the capital market, in accordance with the Companies and Allied Matters Act (CAMA) 1990.
This upcoming IPO marks a historic milestone in the transformation of NNPCL from a state-run corporation into a commercially driven entity, offering investment opportunities to Nigerians and global investors.
