NNPC Reveals Plan To Sell Shares

At the 22nd annual Nigeria Oil and Gas (NOG) Energy Conference and Exhibition in Abuja, the Nigerian National Petroleum Company Limited (NNPC Ltd) announced its plans to issue an Initial Public Offer (IPO) in the near future.

The Group Chief Executive Officer of NNPC Ltd, Mele Kyari stated that the decision to go public was in accordance with Nigerian law.

“As a company that is guided under the regulations of the Companies and Allied Matters Act, the NNPC Ltd will declare its shares to the public for acquisition very soon,” he said.

Despite being a government-owned entity, Kyari emphasized that NNPC Ltd sees itself as part of the private sector, saying, “We are in business and business means competition.”

Kyari also touched on the removal of subsidies, stating it has brought positive change by freeing up capital for a sustainable energy supply.

In terms of energy poverty, the company’s focus is on ensuring more people have access to energy.

“Over 30 per cent do not have access to electricity,” Kyari stated, highlighting issues with energy availability and affordability.

According to him, the key drivers for Nigeria’s energy future are affordability, accessibility, and sustainability.

He further outlined the company’s upcoming initiatives, which include expanding gas infrastructure to potentially deliver gas across West Africa and Europe, increasing the liquefaction capacity of NLNG, and promoting LPG as a cooking fuel and CNG as an alternative fuel for automobiles.

The conference, attended by industry policymakers, regulators, leaders, stakeholders, and partners, aims to discuss policy implementation, vital energy agenda, and investments.