NNPCL Set to Sell Shares, Prepares for Stock Market Listing

The Nigerian National Petroleum Company Limited (NNPCL) has announced that it is in the final stages of preparations to sell its shares on the capital market, in line with the provisions of the Petroleum Industry Act (PIA) 2021.

NNPCL’s Chief Corporate Communications Officer, Olufemi Soneye, disclosed this in a statement on Thursday in Abuja. He noted that the company’s Chief Finance and Investor Relations Officer, Olugbenga Oluwaniyi, provided the update during a consultative meeting with prospective partners at the NNPCL headquarters.

As part of its preparations, NNPCL has launched an engagement process known as the “NNPC Ltd. IPO Beauty Parade” to evaluate potential partners before the commencement of its Initial Public Offering (IPO). This exercise follows capital market regulations and aims to assess prospective investors who could support NNPCL’s transition into a publicly traded entity.

The statement highlighted key areas where the company seeks partnerships, including Investor Relations, IPO Readiness Advisory, and Investment Banking. Firms with the most competitive proposals in these categories will be selected to collaborate with NNPCL in the IPO process.

An IPO is the process by which a private company offers its shares to institutional investors and the public for the first time. The PIA mandates NNPCL to list its shares on the capital market in accordance with the Companies and Allied Matters Act 1990.