NNPLC Limited mulls issuing Initial Public Offer to investors

The Nigerian National Petroleum Company Limited has said it plans to issue its Initial Public Offer(IPO) to investors.

The Group Chief Executive Officer (GCEO) of NNPC Ltd, Mele Kyari, said this at the 22nd edition of the 2023 Nigeria Oil and Gas (NOG) Energy Conference and Exhibition with the theme, “Powering Nigeria’s Sustainable Energy Future” on Tuesday in Abuja.

Kyari in his address at the event, said the decision was in line with the Petroleum Industry Act.

“As a Company that is guided under the Companies and Allied Matters Act regulations, the NNPC Limited will declare its shares to the public for acquisition very soon.

“We will pay taxes; we will pay royalties like anyone; we will also pay dividends to our shareholders, which many of you are”, he stated.

Kyari reiterated that the company is the sector to maximize profit, saying, ” We are in business, and business means competition. We are a private sector; forget that we are owned by the government 100 per cent.

“You are also aware, we are going to Initial Public Offer very soon; we will sell a part of our equity.

” It is in the law, and once that happens, we will not be any different for any of you, and it will be a very different business environment,” he said.

The 22nd edition of NOG started on Sunday and is expected to end on Thursday.