The Group Managing Director of the Nigerian National Petroleum Corporation, Mele Kyari, has said that the earliest the corporation can issue its Initial Public Offer to investors is in the next three years.
The NNPC boss disclosed this on Monday in a sideline interview on Bloomberg TV Global Financial News, monitored by our correspondent.
Speaking on the impact of the PIA on the NNPC, Kyari said the corporation would now be operated in line with the Companies and Allied Act.
The announcement is one of the outcomes of the Petroleum Industry Act recently signed on the state-owned corporation in the global market.
However, he stated that the NNPC may not be able to offer its shares to the public by 2022 or 2023 due to certain bottlenecks that had lingered over the years.
Kyari said, “We will be in the position to consider any IPO in three years’ time; that is the provision of the law. But when you want to get ready for IPO, you need to do things differently.
You need to get your books correct; you need to recapitalise; you need to shape your portfolio and many more things that you have to do until you get IPO ready”