NNPC Ltd., the Nigerian National Petroleum Company, has reiterated plans to offer its Initial Public Offer to investors very soon.
This was stated by the Group Chief Executive Officer of NNPC Ltd., Mele Kyari, on Tuesday in Abuja at the 22nd Nigeria Oil and Gas Energy Conference and Exhibition.
The topic of the conference is “Powering Nigeria’s Sustainable Energy Future.”
In his speech on “Redefining Nigeria’s Energy Landscape for a Sustainable Energy Future,” Mr. Kyari stated that the decision was made in accordance with the law.
“The NNPC Limited will soon declare its shares available for public purchase as a company governed by the rules of the Companies and Allied Matters Act.
“Like everyone else, we will pay taxes and royalties, and we will also provide dividends to our shareholders, many of whom are among you.”
Regarding the removal of subsidies, Mr. Kyari claimed that it had achieved a positive transformation in the industry by releasing money for funding a sustainable energy supply.
The NNPCL CEO stated that increasing access to energy is now the main concern when it comes to energy poverty.
Over 30% of people don’t have access to energy, according to Mr. Kyari.
He claimed that numerous structures and problems were to blame for this, making affordability a worry for everyone.
“We provide gas, but are not paid for it; we also provide power, but are not paid for it.”
The future of Nigeria’s energy is being driven by cost, accessibility, and sustainability, in his opinion.
He also stated that the expansion of the gas infrastructure to distribute gas throughout West Africa and maybe Europe will be one of the company’s major future priorities.
Mr. Kyari noted how crucial it was to increase NLNG’s capacity for liquefaction, make LPG available for use as a cooking fuel, and make CNG a viable alternative fuel for cars.
