The Nigerian National Petroleum Company Limited (NNPC Ltd) has reached the final stage of securing a listing on the capital market, following the requirements of the Petroleum Industry Act (PIA) 2021.
Olufemi Soneye, NNPC Ltd.’s chief corporate communications officer, announced this in a statement on Thursday, 27th March 2025.
According to Soneye, the company’s Chief Finance and Investor Relations Officer (CFIO), Olugbenga Oluwaniyi, shared this update during a consultative meeting with partners at the NNPC Towers in Abuja on Thursday.
“The Nigerian National Petroleum Company Limited (NNPC Ltd) is nearing the completion of its capital market listing process, aligning with the provisions of the Petroleum Industry Act (PIA) 2021,” the statement read.
Oluwaniyi explained that NNPC Ltd. is currently engaging potential partners through an initiative called the “NNPC Ltd. IPO Beauty Parade” as part of the regulatory process before launching its Initial Public Offer (IPO).
The IPO beauty parade aims to evaluate potential partners and assess how they can support the company.
Oluwaniyi outlined the key partnership areas, which include investor relations, IPO readiness advisory, and investment banking support.
He stated that NNPC Ltd. would select the most competitive company in each of these three categories based on project partnership proposals.
“The PIA mandates NNPC Ltd. to list its shares on the capital market, in accordance with the Companies and Allied Matters Act (CAMA) 1990,” the statement added.
An IPO allows a company to sell its shares to investors through a public offering.
In July 2022, former President Muhammadu Buhari formally introduced the new Nigerian National Petroleum Company Limited, marking a major transition from a fully state-owned enterprise to a commercial oil company limited by shares.
The legal transformation, established under the PIA, officially took effect on July 1, 2022. NNPC completed its incorporation in September 2021, just weeks after Buhari signed the PIA into law.
As a result of this transition, NNPC Ltd. became a profit-driven and commercially focused national petroleum company, independent of government control, though government entities remain its shareholders. The company will undergo annual audits.
In February 2023, NNPC Ltd. officially acquired the assets of the national oil corporation, bringing an end to its 46-year history as a state-run entity.
NNPC Ltd. took over operations after fulfilling all legal requirements within the designated 18-month period, as outlined in Section 54(3) of the PIA 2021. This transition placed the company under the regulatory framework of the Companies and Allied Matters Act (CAMA).
Source; premiumtimesng.com
