The Nigerian National Petroleum Company (NNPC) Limited has affirmed its strategic progression towards a public listing, with its Initial Public Offering (IPO) now entering its concluding preparatory phase. Mr. Olugbenga Oluwaniyi, Chief Finance and Investor Relations Officer (CFIO), articulated this development during a pivotal consultative session with key stakeholders at the NNPC Towers in Abuja on Thursday.
This initiative, he emphasised, is a direct fulfillment of the mandates set forth by the Petroleum Industry Act (PIA) of 2021, which necessitates the transformation of NNPC into a commercially driven entity.
In alignment with prevailing capital market regulatory frameworks, NNPC Limited is currently conducting an intensive engagement process, designated as the “NNPC Ltd. IPO Beauty Parade.” This strategic endeavor aims to meticulously evaluate and select potential partners who can contribute substantively to the company’s IPO readiness and subsequent market performance.
Mr. Oluwaniyi delineated the specific domains of partnership sought, encompassing:
- Investor Relations Expertise: To cultivate and maintain robust relationships with potential and existing investors.
- IPO Readiness Advisory Services: To ensure comprehensive preparation and compliance for the public offering.
- Investment Banking Partnerships: To facilitate the successful execution of the IPO and subsequent capital market activities.
He underscored that the selection process would prioritize entities presenting the most compelling proposals within each category, ensuring optimal strategic alignment and value creation for NNPC Limited.
The PIA, a landmark legislative achievement, explicitly stipulates that NNPCL is to pursue listing on the capital market, adhering to the provisions of the Companies and Allied Matters Act (CAMA) 1990, thereby ushering in a new era of transparency and accountability for the national energy conglomerate.
