Abuja — State-owned Nigerian National Petroleum Corporation (NNPC) is in the “final” stages of preparations for an initial public offering, a senior company official said on Thursday, but gave no time frame for the long-delayed listing.
Chief finance and investor relations officer Olugbenga Oluwaniyi said in a statement the NNPC was talking to prospective investor relations executives and investment banks, in line with capital market regulations and the oil industry law which mandates it to list its shares on the stock market.
NNPC has joint ventures with major oil companies that pump more than half of Nigeria’s oil. The state-owned producer, which became a fully commercial entity in 2021, no longer has recourse to state funds and will have to raise funding independently.
Nigeria’s oil law requires the NNPC to list within six months after the law was passed in 2021, but it has yet to do so.
Reuters
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