The Nigerian National Petroleum Company Limited (NNPCL) is set to sell shares as it moves closer to listing on the capital market, in line with the Petroleum Industry Act (PIA) 2021.
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In a statement released on Thursday in Abuja, the company’s Chief Corporate Communications Officer, Olufemi Soneye, disclosed that the Chief Finance and Investor Relations Officer, Olugbenga Oluwaniyi, shared this update during a consultative meeting at the NNPC headquarters.
The engagement, titled the “NNPC Ltd. IPO Beauty Parade,” was aimed at assessing potential partners before launching the Initial Public Offering (IPO). The process seeks to identify suitable Investor Relations advisors, IPO Readiness consultants, and Investment Banking partners to support the listing process. The best proposals in each category will be selected for collaboration.
An IPO allows a company to offer shares to institutional investors and the public, facilitating its entry into the stock market. The PIA 2021 mandates NNPC Ltd to undertake this process in compliance with the Companies and Allied Matters Act 1990.
