BREAKING: NNPC announces plan to sell shares to public, gives details

The management of the Nigerian National Petroleum Company Limited (NNPCL) has said that it is set to begin the sale of shares to the public.

Olufemi Soneye, the Chief Corporate Communications Officer for the NNPCL in a statement on Thursday said the company is in its final stage of being listed in the capital market.

Soneye said this move is in line with the provisions of the Petroleum Industry Act (PIA) 2021.

According to Soneye, Olugbenga Oluwaniyi, the Chief Finance and Investor Relations Officer for NNPCL made the disclosure at a meeting with partners of the company.

Soneye said, “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,” he said.

He further noted that some of the prerequisites needed include Investor Relations, IPO Readiness Advisors and Investment Bank Partners.

He said that the Act provides the company with the ability to list its shares in the capital market following the provisions of the Company and Allied Matters Act (CAMA) 1990.