The Nigerian National Petroleum Company Limited has announced that it is in the final stages of preparations for its highly anticipated listing on the capital market, as mandated by the Petroleum Industry Act 2021.
In a statement released on Thursday in Abuja, NNPCL’s Chief Corporate Communications Officer, Olufemi Soneye, disclosed the update, emphasizing the company’s commitment to fulfilling regulatory requirements ahead of its Initial Public Offering.
According to Soneye, NNPCL’s Chief Finance and Investor Relations Officer, Olugbenga Oluwaniyi, shared insights into the ongoing process during a consultative meeting with prospective partners at the company’s headquarters.
As part of the preparations, NNPCL has launched an engagement initiative known as the “NNPC Ltd. IPO Beauty Parade,” designed to align with capital market regulations and evaluate potential partners before the IPO rollout.
“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,” the statement explained.
Oluwaniyi outlined key partnership areas that NNPCL seeks to strengthen, including Investor Relations, IPO Readiness Advisory, and Investment Banking. He added that firms presenting the most competitive proposals would be selected in each category.
An IPO allows a company to offer its shares to institutional investors, opening doors for public participation in its ownership.
The PIA mandates NNPC Ltd to list its shares in the capital market in compliance with the Company and Allied Matters Act 1990.
