The Nigerian National Petroleum Company Limited (NNPCL) has announced that it is in the final stages of listing its shares on the capital market, in compliance with the Petroleum Industry Act (PIA) 2021.
In a statement released on Thursday in Abuja, NNPCL’s Chief Corporate Communications Officer, Olufemi Soneye, confirmed that preparations for the Initial Public Offering (IPO) are nearing completion.
The company’s Chief Finance and Investor Relations Officer, Olugbenga Oluwaniyi, revealed that NNPCL is engaging with potential investors through an initiative dubbed the “NNPC Ltd. IPO Beauty Parade.” This process aims to assess potential partners and ensure compliance with capital market regulations.
According to Oluwaniyi, key partnership areas include Investor Relations, IPO Readiness Advisors, and Investment Bank Partners. He stated that firms with the most competitive offers would be selected to support NNPCL’s transition into a publicly traded entity.
However, industry analysts remain skeptical about the listing, raising concerns about transparency and whether the process will genuinely open up NNPCL to public ownership or serve as a mechanism for politically connected individuals to consolidate control.
While the Petroleum Industry Act mandates the listing in line with the Company and Allied Matters Act 1990, questions persist over whether it will lead to improved corporate governance or continue the pattern of opacity associated with Nigeria’s state-run oil company.
