The Nigerian National Petroleum Company Limited has disclosed that it has reached the concluding phases of preparations for its highly anticipated public listing on the capital market, as stipulated by the Petroleum Industry Act 2021.
The NNPCL Chief Corporate Communications Officer, Olufemi Soneye, conveyed this information in a statement issued on Thursday in Abuja.
Soneye indicated that the Company’s Chief Finance and Investor Relations Officer, Olugbenga Oluwaniyi, provided insights into this development during a collaborative meeting with partners at the NNPC headquarters.
He stated that NNPC Ltd is currently engaging with potential collaborators in a process termed the “NNPC Ltd. IPO Beauty Parade,” in accordance with capital market regulations, prior to the commencement of the Initial Public Offering.
“According to the CFIO, the objective of the IPO Beauty Parade is to identify prospective partners and ascertain the manners in which they can provide support to the company,” the statement elaborated.
He outlined the required areas of collaboration, encompassing Investor Relations, IPO Readiness Advisors, and Investment Bank Partners. He affirmed that the entity presenting the most favorable proposal in terms of project partnership would be selected for each of the three categories.
An IPO constitutes a public offering wherein company shares are sold to institutional investors. The PIA mandates NNPC Ltd to list its shares on the capital market, adhering to the provisions of the Companies and Allied Matters Act 1990.
