The Nigerian National Petroleum Company Limited (NNPCL) says it was ready to be listed in the capital market, disclosing that it was prepared for the Initial Public Offer (IPO).
The national oil company made the disclosure in a press release by its Chief Corporate Communications Officer, Olufemi Soneye.
As contained in the release, NNPCL stated that its final readiness for listing in the capital market was in keeping with the provisions of the Petroleum Industry Act (PIA) 2021.
The company’s Chief Finance and Investor Relations Officer (CFIO), Mr. Olugbenga Oluwaniyi, made the disclosure at a consultative meeting with partners at the NNPC Towers, Abuja, on Thursday.
He said NNPCL 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 (IPO).
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.
He listed the areas of partnership required to include Investor Relations, IPO Readiness Advisers 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 (CAMA) 1990,” it was added in the release.
