The Nigerian National Petroleum Company Limited (NNPCL) has announced plans to commence the sale of shares to the public as it nears its listing on the capital market.
In a statement on Thursday, Olufemi Soneye, Chief Corporate Communications Officer of NNPCL, revealed that the company is in the final stages of fulfilling the necessary requirements for its public listing. He emphasized that this move aligns with the provisions of the Petroleum Industry Act (PIA) 2021.
According to Soneye, the disclosure was made by Olugbenga Oluwaniyi, NNPCL’s Chief Finance and Investor Relations Officer, during a meeting with the company’s partners.
As part of the process, NNPCL will conduct what it calls the “NNPC Ltd. IPO Beauty Parade” in compliance with capital market regulations before launching its Initial Public Offering (IPO).
“According to the CFIO, the aim of the IPO Beauty Parade is to assess potential partners and determine in what ways they could be of support to the company,” Soneye stated.
He further highlighted that key prerequisites for the listing include securing Investor Relations, IPO Readiness Advisors, and Investment Bank Partners.
Soneye added that the PIA 2021 grants NNPCL the authority to list its shares in the capital market, following the guidelines set by the Companies and Allied Matters Act (CAMA) 1990.
