NNPC announces plan to list on stock market 

The Nigerian National Petroleum Company Limited (NNPC Ltd) Thursday said the national oil company is at the final stages of preparing for an Initial Public Offering (IPO), in compliance with the Petroleum Industry Act (PIA) 2021.

NNPC Ltd’s Chief Finance and Investor Relations Officer, Olugbenga Oluwaniyi disclosed this during a consultative meeting with partners at the NNPC Towers in Abuja on Thursday.

While this is not the first time the state oil firm has announced the plan, Oluwabiyi said the company is currently engaging prospective partners through an “IPO Beauty Parade” as part of regulatory requirements before the official share offering.

The exercise, according to a statement signed by the company’s spokesman, Olufemi Soneye aims to assess potential partners who can support the company in three key areas of Investor Relations, IPO Readiness Advisory, and Investment Banking.

NNPC Ltd plans to select the most competitive proposals for these roles, ensuring the success of its transition into a publicly traded entity.

An IPO would allow NNPC Ltd to sell shares to institutional investors, a significant step towards financial transparency and operational efficiency. The PIA mandates the listing of NNPC Ltd’s shares in accordance with the Companies and Allied Matters Act (CAMA) 1990, marking a major shift from its long-standing state-owned structure to a commercially driven entity.