Mele Kyari, the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC), revealed yesterday that the long-awaited public listing of the company’s shares on the stock market, as stipulated in the Petroleum Industry Act (PIA), is set to commence soon.
Speaking to international oil and gas stakeholders at the 2024 CERAWEEK in Houston, United States, Kyari announced NNPC’s plan to transition into a quoted company in accordance with the provisions of the PIA, with potential divestment of some shares in the future.
Addressing inquiries regarding NNPC’s transformation and strategic positioning within Nigeria, Kyari emphasized the significant changes brought about by the reform process initiated by the PIA. He highlighted NNPC’s evolution from a government-owned corporation to a commercial and profit-oriented entity under the reform framework.
Previously, NNPC operated as a government-owned corporation without a commercial focus, but the reform process facilitated its transition into a fully-fledged limited liability company.
Kyari elaborated on the transformation, stating, “Today, the shareholders are largely the overall population of the country,” indicating a shift towards broader ownership and accountability within the Nigerian populace.
The announcement of NNPC’s imminent public listing marks a pivotal development in the company’s trajectory, signaling a move towards increased transparency, accountability, and participation in the Nigerian oil and gas sector. As NNPC prepares for its transition to a quoted company, stakeholders anticipate enhanced market dynamics and opportunities for broader public engagement in the nation’s oil and gas industry.
