NNPC Ltd is in the final stages of listing on the stock market under the Petroleum Industry Act (PIA) 2021. The company is engaging with investment partners ahead of its Initial Public Offering (IPO) to attract investors and enhance its transition into a commercially driven, profit-oriented oil company.
The Nigerian National Petroleum Company Limited (NNPC Ltd) is advancing its plans to be listed on the stock market, aligning with the requirements of the Petroleum Industry Act (PIA) 2021.
Olufemi Soneye, NNPC’s chief corporate communications officer, revealed this development in a statement on Thursday. According to him, the company’s Chief Finance and Investor Relations Officer, Olugbenga Oluwaniyi, confirmed the ongoing consultations with potential investment partners at NNPC Towers in Abuja.
Oluwaniyi stated that NNPC Ltd is conducting an "IPO Beauty Parade," a strategic process to assess prospective partners before launching its Initial Public Offering (IPO). The company seeks collaboration in key areas, including investor relations, IPO advisory services, and investment banking partnerships. Firms presenting the most suitable proposals will be selected for these roles.
The PIA mandates NNPC Ltd to transition into a publicly traded entity under the Companies and Allied Matters Act (CAMA). This transformation follows its 2021 incorporation as a commercial entity and its official unveiling by former President Muhammadu Buhari in July 2022.
NNPC's shift from a state-controlled corporation to a commercially driven firm allows it to operate independently, though government entities remain its primary shareholders. Since taking full control of national oil assets in 2023, the company has been preparing for its stock market debut.
The upcoming IPO is expected to attract significant investor interest, marking a historic shift in Nigeria’s oil sector.
