The Nigerian National Petroleum Company Limited (NNPC Ltd) has announced that it is in the final stages of preparations for its anticipated listing on the capital market, in compliance with the Petroleum Industry Act 2021.
In a statement released on Thursday in Abuja, NNPC Ltd’s Chief Corporate Communications Officer, Olufemi Soneye, disclosed that the company is currently engaging with prospective partners as part of its pre-Initial Public Offering process.
According to Soneye, the Company’s Chief Finance and Investor Relations Officer, Olugbenga Oluwaniyi, shared this development during a consultative meeting at the NNPC headquarters. The engagements, referred to as the “NNPC Ltd IPO Beauty Parade,” are aimed at evaluating potential partners in line 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 how they can support the company’s listing process,” the statement explained.
Oluwaniyi highlighted that NNPC Ltd is seeking partnerships in three key areas: Investor Relations, IPO Readiness Advisory, and Investment Banking. He added that the company will select partners with the most competitive offers for each category.
An IPO is a public offering in which a company sells its shares to institutional investors, facilitating broader public ownership. Under the provisions of the PIA, NNPC Ltd is mandated to list its shares in the capital market in accordance with the Company and Allied Matters Act 1990.
The development marks a significant step in the transformation of NNPC Ltd into a fully commercial entity, as it moves toward enhanced transparency and investor participation in the petroleum sector.
