The Group Managing Director of the Nigerian National Petroleum Corporation, Mele Kyari, says the shares of the oil corporation may be listed on the stock exchange in 2024.
This, according to Kyari, is the earliest possible time that the corporation can achieve an Initial Public Offer (IPO) due to other lingering issues.
The GMD stated this during an interview on Bloomberg TV Global Financial News on Monday.
Kyari said, “We will be in the position to consider any IPO in three years’ time; that is the provision of the law.
“But when you want to get ready for IPO, you need to do things differently. You need to get your books correct; you need to recapitalise; you need to shape your portfolio and many more things that you have to do until you get IPO ready.
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He added, “We are not getting ready for the IPO tomorrow; that is not exactly, that is not the situation. IPO really means this company is going to be profitable, it has a long trajectory, it has a short-term view of how things can be done better to align with the best practice in the industry.
“We are trying to see how we can relax the existing framework for energy transition that is ongoing all over the world.
“Every country is adjusting its portfolio by doing things differently in a better way and obviously in the long run, this is going to be a very great company and great companies always go for IPO.
Kyari said the corporation would now be operated in line with the Companies and Allied Act as stipulated in the Petroleum Industry Act (PIA).
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