The Nigerian National Petroleum Company Limited (NNPC Ltd) has announced its final stage of getting listed in the capital market, in line with the provisions of the Petroleum Industry Act (PIA) 2021.
Olugbenga Oluwaniyi, the company’s chief finance and investor relations officer (CFIO), disclosed this at a consultative meeting with partners in Abuja, on Thursday.
He said NNPC Ltd was currently engaging with prospective partners in an exercise tagged, “NNPC Ltd. IPO Beauty Parade” in line with capital market regulations before the commencement of the Initial Public Offer (IPO).
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According to the CFIO, the aim of the IPO Beauty Parade, is to access potential partners and determine in what ways they could be of support to the company. He listed the areas of partnership required to include: Investor Relations, IPO Readiness Advisers, and Investment Bank Partners.
An IPO is a public offering in which shares of a company are sold to institutional investors.
“The company with the best offer in terms of project partnership would be selected for each of the three categories,” Oluwaniyi said.
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The PIA provides for the NNPC Ltd to list its shares in the capital market in line with the provisions of the Company and Allied Matters Act (CAMA) 1990.