The Nigerian National Petroleum Company Limited (NNPC) is poised for a transformation as it sets its sights on a public listing.
The announcement came from Mele Kyari, the Group Chief Executive Officer of NNPC, during his address at the ongoing 2024 CERAWEEK in Houston, United States.
Kyari affirmed NNPC’s commitment to aligning with the provisions of the Petroleum Industry Act (PIA), which mandates the company to become a quoted entity.
This move, he emphasized, is a pivotal step towards realizing the objectives outlined in the PIA, ensuring transparency, efficiency, and profitability in the Nigerian oil and gas sector.
In his remarks, Kyari highlighted the transformative journey NNPC has undergone, transitioning from a government-owned corporation to a commercially-oriented and profit-driven entity.
He emphasized that the company has evolved into a full limited liability company, capable of generating dividends for its shareholders while adhering to tax and royalty obligations.
Furthermore, Kyari underscored the strategic importance of NNPC to Nigeria’s resource management and economic development, emphasizing its pivotal role in the country’s energy sector.
The planned public listing of NNPC shares is anticipated to democratize ownership and enhance transparency within the company’s operations.
Kyari noted that the process is in line with the legal framework established by the PIA and is expected to commence within the stipulated timeline.
NNPC’s bold move towards commercialization signifies a paradigm shift in Nigeria’s oil and gas industry, promising increased accountability, efficiency, and value creation for stakeholders.
As the company embraces this new era, it aims to consolidate its position as a key player in the global energy landscape while driving sustainable growth and development domestically.