NNPCL eyes historic listing as IPO nears completion
NNPC
Abdullateef Fowewe
The Nigerian National Petroleum Company Limited is in the final stages of preparing for its Initial Public Offering (IPO), aligning with the Petroleum Industry Act (PIA) 2021.
A statement issued on Thursday, by the NNPCL, Chief Corporate Communications Officer, Olufemi Soneye, revealed that the company is engaging in an “IPO Beauty Parade” to select partners for investor relations, IPO readiness advisors, and investment bank partners.
The statement reads in part, “The Nigerian National Petroleum Company Limited (NNPC Ltd) is at the final stage of getting listed in the capital market, in keeping with the provisions of the Petroleum Industry Act (PIA) 2021.
“This was disclosed 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.
“He 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).
“According to the 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.”
He 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 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.
