NNPCL Cites Access to Potential Partners to Support the Company as the Reason for Conducting the Initial Public Offer Beauty Parade

The Nigerian National Petroleum Company Limited (NNPCL) has announced that it is in the final stages of preparing for its highly anticipated Initial Public Offer (IPO) as mandated by the Petroleum Industry Act (PIA) of 2021. The company’s Chief Corporate Communications Officer, Olufemi Soneye, disclosed this in a statement released in Abuja, revealing that the company is actively engaging with prospective partners as part of an exercise known as the “NNPC Ltd. IPO Beauty Parade.”

According to the Chief Finance and Investor Relations Officer, Olugbenga Oluwaniyi, the primary objective of the IPO Beauty Parade is to evaluate potential partners and assess how they can contribute to the success of the company’s upcoming public listing. The company is specifically looking for partnerships in key areas such as Investor Relations, IPO Readiness Advisory, and Investment Banking. The best offers in these categories will be selected to support the company’s transition into the capital market.

An Initial Public Offer (IPO) involves selling shares of a company to institutional investors, allowing for public investment. As stipulated in the PIA, NNPCL is required to list its shares in the capital market in accordance with the Company and Allied Matters Act of 1990. This move marks a significant step in the company’s evolution from a state-owned entity to a publicly traded corporation, enhancing transparency and attracting private-sector investment.

NNPCL's engagement with partners signals a strategic approach to ensuring a smooth and successful transition into the stock market. The company remains committed to selecting the best investment partners to strengthen its market position and achieve its financial goals.