ABUJA, July 19 – Nigeria’s state-run petroleum company, the NNPC will be
looking to launch an initial public offering (IPO) in the middle of next year, its
group CEO (Mele Kyari) said on Tuesday after the firm formally became
a commercial entity known as NNPC Ltd.
He said & quote; “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”.
As a commercial entity, NNPC Ltd will no longer have recourse to state funds.
Its shares and assets, including oil blocs and refineries, are now held by the
ministries of petroleum and finance.
NNPC Ltd 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.
