The Nigerian National Petroleum Company Limited (NNPC Ltd.) has announced that it is in the final stages of preparation for its much-anticipated listing on the capital market, in accordance with the Petroleum Industry Act (PIA) 2021.
Grassroots Parrot reports that the company’s Chief Finance and Investor Relations Officer, Mr. Olugbenga Oluwaniyi, shared the update during a consultative meeting with partners at the NNPC headquarters.
This was contained in a statement released on Thursday in Abuja, by the NNPC Ltd.’s Chief Corporate Communications Officer, Olufemi Soneye.
Soneye stated that NNPC Ltd. is actively engaging with potential partners through an exercise dubbed the “NNPC Ltd. IPO Beauty Parade”, a regulatory requirement before the commencement of its Initial Public Offering (IPO).
READ ALSO: NNPCL Warns Against Fake Recruitment Adverts
“According to the CFIO, the aim of the IPO Beauty Parade is to assess potential partners and determine how they could support the company,” the statement read.
He further outlined key areas of partnership required, including Investor Relations, IPO Readiness Advisory Services and Investment Banking Partnerships.
The company intends to select the best offers in these categories to facilitate a seamless IPO process.
An IPO (Initial Public Offering) allows a company to sell shares to institutional investors, granting public access to its equity. Under the provisions of the PIA, NNPC Ltd. is mandated to list its shares on the capital market in compliance with the Companies and Allied Matters Act (CAMA) 1990.