The Nigerian National Petroleum Company Limited (NNPCL) has announced that it is in the final stages of preparing for its highly anticipated listing on the capital market, in line with the provisions of the Petroleum Industry Act (PIA) 2021.
NNPCL’s Chief Corporate Communications Officer, Olufemi Soneye, disclosed this in a statement on Thursday in Abuja.
According to the company’s Chief Finance and Investor Relations Officer, Olugbenga Oluwaniyi, the national oil firm is currently engaging with potential investors through an initiative known as the “NNPC Ltd. IPO Beauty Parade.” This consultative process aligns with capital market regulations and precedes the Initial Public Offering (IPO).
“The aim of the IPO Beauty Parade is to assess potential partners and determine how they can support the company,” the statement explained.
Oluwaniyi highlighted key areas of required partnerships, including Investor Relations, IPO Readiness Advisors, and Investment Banking Partners. He noted that firms with the best offers in each category would be selected.
An IPO allows a company to offer its shares to institutional investors and the public, enabling it to raise capital. The PIA mandates that NNPCL list its shares on the capital market under the guidelines of the Companies and Allied Matters Act (CAMA) 1990.
