The Nigerian National Petroleum Company Limited (NNPC Ltd), is almost ready to launch its Initial Public Offering, following the rules set by the Petroleum Industry Act of 2021.
The company’s Chief Finance and Investor Relations Officer, Olugbenga Oluwaniyi, disclosed this on Thursday during a consultative meeting with partners at the NNPC Towers in Abuja.
According to Oluwaniyi, NNPC Ltd is currently engaging prospective partners in an exercise tagged the “NNPC Ltd IPO Beauty Parade,” a key step in compliance with capital market regulations before the official launch of the IPO.
“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,” he stated.
He outlined the key partnership areas required for the process, including Investor Relations, IPO Readiness Advisers, and Investment Bank Partners.
He further explained that the company with the best offer in terms of project partnership would be selected for each category.
An IPO involves the sale of company shares to institutional investors, allowing public participation in ownership.
The PIA mandates NNPC Ltd to list its shares in the capital market in accordance with the Company and Allied Matters Act (CAMA) 1990.
Stakeholders are closely monitoring the process as NNPC Ltd approaches this historic listing in the hopes that it will increase transparency, draw in investments, and set up the business for future expansion in the energy industry.