The Nigerian National Petroleum Company Limited will launch an Initial Public Offering (IPO) in the middle of 2023, OduNews reports.
The Company’s CEO, Mele Kyari, disclosed this on Tuesday after President Muhammadu Buhari unveiled the company in Abuja.
Mr Kyari said, “We are convinced that by the middle of next year, this company will be IPO ready, which means that you have the system, processes, and a company that is accountable to its stakeholders and shareholders.”
The transformation of NNPC to a commercial venture means it will no longer have recourse to state funds, easing pressure on the coffers of the nation’s treasury. This means that its shares and assets, including oil blocs and refineries, are now held by the Federal Minister of Petroleum and the Minister of Finance.
NNPC Limited operates joint production ventures with Western oil majors but anti-corruption campaigners have long asked for the company to be more transparent, calling for the publication of its crude contracts and a statement of accounts.
On his part, the Minister of State for Petroleum Resources, Mr Timpire Sylva said that NNPC Limited will operate as a profitable entity that would declare dividends.
He described the unveiling of NNPC Limited as a new dawn in the quest for the growth and development of the Nigerian oil and gas industry, opening new vintages for partnerships.
