The repackaged Nigerian National Petroleum Company [NNPC] Limited is set to make its initial public offer [IPO] in 2024.
Chief financial officer (CFO), Umar Ajiya, who dropped the hint revealed that the company would soon determine where it intends to list, whether a listing locally or internationally.
Speaking during a panel discussion at the CERAWEEK Energy Conference in Houston, Ajiya stated that internal preparation to get the company ready for an IPO will be finalized by the middle of 2023.
“This supports our prior prediction that the national company’s transition process is still in progress and that it would not be ready for an initial public offering this year.
“We believe that the NNPCL’s listing in 2024 would be advantageous for the company, providing it with visibility on a global scale, brand marketing, price discovery, and the ability to draw in investors who would unavoidably demand efficiency and sound corporate governance.
“We reckon that the company’s dual listing would increase visibility and access to capital, diversify the investor base, enhance liquidity, and improve valuations,” he said.
By Bosco Agba