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The Nigerian National Petroleum Company Limited (NNPCL) has announced plans to sell shares to the public, marking a major step toward becoming a publicly traded company.
Olufemi Soneye, the Chief Corporate Communications Officer of NNPCL, revealed in a statement on Thursday that the company is in the final stages of being listed on the capital market.
He emphasised that the move aligns with the Petroleum Industry Act (PIA) 2021, which grants NNPC the authority to offer shares in line with the Company and Allied Matters Act (CAMA) 1990.
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At a recent meeting with business partners, Olugbenga Oluwaniyi, NNPCL’s Chief Finance and Investor Relations Officer, explained that the company is conducting an “IPO Beauty Parade.”
This process, a key step before an Initial Public Offering (IPO), is designed to assess potential investors and determine how they can support NNPCL’s transition into a publicly traded entity.
“The aim of the IPO Beauty Parade is to access potential partners and determine in what ways they could be of support to the company,” Soneye quoted Oluwaniyi as saying.
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To ensure a smooth listing, NNPCL is also engaging Investor Relations experts, IPO Readiness Advisors, and Investment Bank Partners.
With this development, NNPCL is positioning itself for a transformative shift in the Nigerian energy sector, opening the door for public investment in the country’s state-owned oil giant.