The Nigerian National Petroleum Company Limited (NNPC Ltd) has revealed that it is now in the final stages of preparing for its highly anticipated listing on the capital market, by the provisions of the Petroleum Industry Act 2021.
The NNPCL Chief Corporate Communications Officer NNPC Ltd, Olufemi Soneye, made the announcement in a statement released on Thursday in Abuja.
According to The PUNCH, Soneye said the Company’s Chief Finance and Investor Relations Officer, Mr Olugbenga Oluwaniyi, hinted at the development during a consultative meeting with partners at the NNPC headquarters.
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.
“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,” the statement explained.
He listed the areas of partnership required to include Investor Relations, IPO Readiness Advisors, 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 1990.