The Nigerian National Petroleum Company Limited (NNPC Ltd) has restated plans to issue its Initial Public Offer (IPO) to investors very soon.
The Group Chief Executive Officer of NNPC Ltd, Mele Kyari disclosed this at the 22nd edition of the 2023 Nigeria Oil and Gas (NOG) Energy conference and Exhibtion on Tuesday in Abuja.
The theme of the conference is: “Powering Nigeria’s Sustainable Energy Future”. Kyari, while speaking on:” Redefining Nigeria’s Energy Landscape for a Sustainable Energy Future’’, said the decision was based on the law.
According to him, “As a company that it is guided under the regulations of the Companies and Allied Matters Act, the NNPC Ltd. is in business, and business means competition. We are a private sector, forget about the fact that we are owned by the Government 100 per cent.
“You are also aware we are going to an Initial Public Offer very soon; we will sell a part of our equity. It is in the law; and once that happens, we will not be any different for any of you and it will be a very different business environment”, he said.
On subsidy removal, Kyari said it had ensured positive change in the sector by freeing up capital for powering the sustainable supply of energy.
According to him, affordability, accessibility and sustainability are the drivers of Nigeria’s energy future. He said that key initiatives on the horizon for NNPCL would include expanding gas infrastructure to deliver gas across West Africa and potentially, Europe.
He further said expansion of liquefaction capacity of NLNG and enabling availability of LPG as a cooking fuel and CNG as alternative fuel for automobiles were paramount.
The NOG Energy Week is Nigeria’s foremost international energy conference aimed at discussing policy implementation, vital energy agenda and investments, among others, and the event was attended by policymakers, regulators, leaders, stakeholders and partners of the industry.
