By Kayemo News
The Nigerian oil company, NNPL has announced that it is ready to become a public limited company by selling it’s shares to general public through IPO.
NNPCL CEO Mele Kyari also said the company is focusing on diversifying energy supply and promoting the use of cleaner natural gas in Nigeria.
He added that the company wants to positioned Nigeria as a gas hub in West Africa through partnerships and global cooperation
Kyari announced that the company is 80 per cent ready for an Initial Public Offer(IPO). In an IPO, a privately owned company lists its shares on a stock exchange, making them available for purchase by the general public.
Speaking at the Abu Dhabi International Petroleum Exhibition and Conference (Adipec), Kyari outlined NNPCL’s ambitions.
Leadership reports that Kyari highlighted NNPCL’s transformation into a fully commercial model in 2021, underlining the company’s commitment to outperform its private sector peers.
He emphasized the need for NNPCL to transition from being state-owned to a more expansive and dynamic entity. This transition may take the form of an IPO or selling equity to a strategic investor.
Kyari explained: “It’s a massive process that requires transformation, that requires an alignment with the realities of today.” Kyari making money Despite being the largest corporation in Africa, Kyari acknowledged that NNPCL still had room for improvement in terms of profitability.
“NNPCL is now making money, but is it making enough money? No.” Kyari also spoke on NNPCL plans to transform Nigeria into a regional gas hub in the coming years.
“A number of countries are talking to NNPCL, in three to four years, Nigeria will become a hub of gas in West Africa.”
Furthermore, Kyari announced that the African Export-Import Bank (Afreximbank) was working alongside national oil companies to establish an energy bank.
This development would provide essential financial support for NNPCL’s endeavors.
Source: Legit.ng
