By Deborah Nnamdi
The Nigerian National Petroleum Company Limited (NNPCL) has announced that it is nearing the final stages of preparation for its highly anticipated listing on the capital market, as stipulated by the Petroleum Industry Act 2021.
In a statement issued on Thursday in Abuja, NNPCL’s Chief Corporate Communications Officer, Olufemi Soneye, shared the update.
Soneye also mentioned that the company’s Chief Finance and Investor Relations Officer, Mr. Olugbenga Oluwaniyi, provided insight into 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.
