When will the shares of the proposed succeaaor company of the Nigerian National Petroleum Corporation (NNPC) go through Initial Public Offering (IPao)?
Platforms Africa reports that the Group Managing Director of NNPC, Mallam Mele Kyari, has provided an answer to this and many other questions.
The proposed successor company of the present entity, NNPC Limited, Kyari added, may not be ready for an Initial Public Offer (IPO) till 2024.
Speaking in an interview with Bloomberg Television Monday, the NNPC helmsman noted that a lot of arrangements needed to be put in place before any such move could materialise.
By the provision of the new Petroleum Industry Act (PIA), the NNPC as currently constituted is expected to transition into a fully commercialised business concern in which the public could own shares and take part in its major decisions.
“Surely, it is not what we will do in 2022 or 2023, probably the earliest consideration will be in three years’ time,” the GMD stated.
He reiterated that the corporation’s involvement in the Dangote refinery was to ensure energy security as well as tying down markets for Nigeria’s crude oil.