NNPC Set to Begin Public Sale of Shares

The management of the Nigerian National Petroleum Company Limited (NNPCL) has announced plans to commence the sale of shares to the public.

In a statement on Thursday, Olufemi Soneye, the Chief Corporate Communications Officer of NNPCL, revealed that the company is in the final stage of its listing on the capital market.

According to Soneye, Olugbenga Oluwaniyi, the Chief Finance and Investor Relations Officer of NNPCL, disclosed the development during a meeting with the company’s partners. He stated that the move aligns with the provisions of the Petroleum Industry Act (PIA) 2021.

As part of the process, NNPCL is conducting an “IPO Beauty Parade” in compliance with capital market regulations before launching its Initial Public Offering (IPO). Soneye explained that the purpose of the IPO Beauty Parade is to assess potential partners and explore ways they can support the company.

He further noted that key prerequisites for the listing include Investor Relations, IPO Readiness Advisors, and Investment Banking Partners. He emphasized that the Petroleum Industry Act grants NNPCL the legal backing to list its shares in the capital market in accordance with the Companies and Allied Matters Act (CAMA) 1990.