NNPC Limited to float IPO mid next year

Adebayo Obajemu

The Chief Executive Officer of the state-run Nigerian National Petroleum Company (NNPC) Limited  has given indications that the firm will be ready to launch an initial public offering (IPO) in the middle of next year.

Meles Kyari told reporters in Abuja Tuesday that; “We are convinced that by the middle of next year, this company will be IPO ready, which means that you have the system, processes, and a company that is accountable to its stakeholders and shareholders.

It should be noted that as a commercial entity, NNPC Ltd will no longer have access to state funds. Its shares and assets, including oil blocs and refineries are now held by the ministries of petroleum and finance.

NNPC Ltd operates joint production ventures with Western oil majors but anti-corruption campaigners have long asked for the company to be more transparent, calling for the publication of its crude contracts and a statement of accounts.

The Minister of State for Petroleum, Timpire Sylva stated on Tuesday that NNPC Ltd will operate as a profitable entity that would declare dividends.