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NNPC gearing up for an IPO ‘soon’ as CEO Kyari secures President Tinubu’s backing

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By Samuel Bankole with agency report

The Nigerian National Petroleum Company Limited (NNPC) plans to launch an Initial Public Offering (IPO) “soon”, according to the group CEO of the state-owned firm, Mele Kyari.

kyari said the move by NNPC, which runs joint venture operations with major oil companies to launch the IPO has the backing of President Bola Tinubu.

Kyari noted that NNPC Limited operates in a dynamic market landscape, is gearing up for an IPO, and, as a CAMA company, will declare its shares to the public.

“We will go to the market and this is going to happen soon. This is the new direction, and I can confirm to you that Mr President is completely committed,” Mele Kyari said at an energy conference in the capital, Abuja.

Last July, it said it would be ready for an IPO by mid-2023, as it seeks to sell shares to the public.

READ ALSO: S&P Global sees positive economic growth signs in Nigeria, Kenya

NNPC, which became a commercial company in July last year, no longer has recourse to state funds and will have to raise funding independently.

Key initiatives on the horizon include expanding gas infrastructure to deliver gas across West Africa and potentially, Europe, expansion of liquefaction capacity of NLNG and enabling the availability of LPG as a cooking fuel and CNG as alternative fuel for automobiles.

Reaffirming Nigeria’s status as a gas nation with associated oil, Kyari reiterated the need to bridge the skilled manpower gap, ensure asset security, and invest in infrastructure to transform challenges into opportunities. For the GCEO,

Strategic decisions like subsidy removal have already paved the way for positive change in the sector, while freeing up capital for powering the sustainable supply of energy.

(omayowa@globalfinancialdigest.com; Newsroom: +234 8033 964 138

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