NNPC Ltd Nears Completion of IPO Preparations

The Nigerian National Petroleum Company Limited (NNPC Ltd) is in the final phase of preparations to enter the capital market with an Initial Public Offering (IPO), as mandated by the Petroleum Industry Act (PIA) 2021.

Olugbenga Oluwaniyi, Chief Finance and Investor Relations Officer at NNPC Ltd, shared this update during a consultative meeting with stakeholders at the NNPC Towers in Abuja on Thursday.

He stated that the company has launched an “IPO Beauty Parade,” a strategic initiative designed to engage prospective partners and ensure compliance with capital market regulations ahead of the public listing.

Oluwaniyi explained that the process involves evaluating potential partners in areas such as Investor Relations, IPO Readiness Advisory, and Investment Banking, with the goal of selecting the most competitive firms in each category.

The upcoming IPO will enable NNPC Ltd to sell shares to institutional investors, aligning with the PIA’s directive for the national oil company to function as a commercial entity under the Companies and Allied Matters Act (CAMA) 1990.

This IPO marks a significant step in NNPC Ltd’s transformation, paving the way for increased private-sector involvement and greater transparency in the capital market.