Ogunyemi Victoria
The Nigerian National Petroleum Company Limited (NNPC Ltd) has entered the final stage of its Initial Public Offering (IPO) process, paving the way for its listing on the capital market in line with the Petroleum Industry Act (PIA) 2021.
The company’s Chief Finance and Investor Relations Officer (CFIO), Mr. Olugbenga Oluwaniyi, disclosed this during a consultative meeting with partners at the NNPC Towers, Abuja, on Thursday.
As part of its preparations, NNPC Ltd has launched an engagement exercise called the “NNPC Ltd IPO Beauty Parade.” The initiative aims to assess potential partners and determine their suitability in supporting the company’s transition into a publicly traded entity.
Oluwaniyi highlighted key areas where the company seeks strategic partnerships, including Investor Relations, IPO, Readiness Advisers, and Investment Bank Partners.
He stated that NNPC Ltd would select the best partners based on the most competitive project proposals.
An IPO involves the sale of a company’s shares to institutional investors before making them available to the general public. Under the PIA, NNPC Ltd is mandated to list its shares on the capital market in accordance with the Companies and Allied Matters Act (CAMA) 1990.
This milestone marks a major step in NNPC Ltd’s transformation from a government-controlled corporation into a commercially driven, profit-oriented entity.
The full statement read:
PRESS RELEASE
NNPC Ltd Ready for Initial Public Offer
The Nigerian National Petroleum Company Limited (NNPC Ltd) is at the final stage of getting listed in the capital market, in keeping with the provisions of the Petroleum Industry Act (PIA) 2021.
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This was disclosed by the Company’s Chief Finance and Investor Relations Officer (CFIO), Mr. Olugbenga Oluwaniyi, at a consultative meeting with partners at the NNPC Towers, Abuja, on Thursday.
He said NNPC Ltd was currently engaging with prospective partners in an exercise tagged, “NNPC Ltd. IPO Beauty Parade” in line with capital market regulations before the commencement of the Initial Public Offer (IPO).
According to the CFIO, 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.
He listed the areas of partnership required to include: Investor Relations, IPO Readiness Advisers, and Investment Bank Partners.
He said the company with the best offer in terms of project partnership would be selected for each of the three categories.
An IPO is a public offering in which shares of a company are sold to institutional investors.
The PIA provides for the NNPC Ltd to list its shares in the capital market in line with the provisions of the Company and Allied Matters Act (CAMA) 1990.
Olufemi O. Soneye
Chief Corporate Communications Officer
NNPC Ltd.
Abuja.
27th March, 2025.