- Safiu Kehinde
The Nigerian National Petroleum Company (NNPC) Limited is set to be listed in the capital market and commence its initial public offer.
NNPC’s Chief Finance and Investor Relations Officer (CFIO), Mr. Olugbenga Oluwaniyi, made the disclosure at a consultative meeting with partners at the NNPC Towers, Abuja, on Thursday.
The company, according to a statement issued by its Chief Corporate Communications Officer, Femi Soneye, is at the final stage of getting listed in the capital market, in keeping with the provisions of the Petroleum Industry Act (PIA) 2021.
As contained in the statement, Olaniyi 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).
The aim of the IPO Beauty Parade, according to the CFIO, is to access potential partners and determine in what ways they could be of support to the company.
Olaniyi further 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, as explained in the statement, 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.