The Nigerian National Petroleum Company Limited (NNPC Ltd) has announced it is at the final stage of getting listed in the capital market with its Initial Public Offer (IPO) in keeping with the provisions of the Petroleum Industry Act (PIA) 2021.
This was revealed by the Company’s Chief Finance and Investor Relations Officer (CFIO), Mr. Olugbenga Oluwaniyi, at a consultative meeting with partners at the NNPC Towers, Abuja, on Thursday.
According to him, NNPCL 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).
According to the NNPCL CFIO, the aim of the IPO Beauty Parade, is to access potential partners and determine in what ways they could be of support to the company.
An IPO 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.
The areas of partnership required according to NNPCL includes: Investor Relations, IPO Readiness Advisers, and Investment Bank Partners.
The company with the best offer in terms of project partnership would then be selected for each of the three categories.
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