…Says “We are now making money”
Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, has announced the company is 80 per cent ready for an Initial Public Offer(IPO).
An IPO is an initial public offering. In an IPO, a privately owned company lists its shares on a stock exchange, making them available for purchase by the general public.
Speaking at the Abu Dhabi International Petroleum Exhibition and Conference, Kyari outlined NNPCL’s ambitions.
The GCEO highlighted NNPCL’s transformation into a fully commercial model in 2021, underlining the company’s commitment to outperform its private sector peers.
He emphasised the need for NNPCL to transition from being state-owned to a more expansive and dynamic entity. This transition, according to him, may take the form of an IPO or selling equity to a strategic investor.
Despite being the largest corporation in Africa, Kyari acknowledged that NNPCL still had room for improvement in terms of profitability. He also spoke on the company’s plans to transform Nigeria into a regional gas hub in the coming years.
