The Nigerian National Petroleum Corporation (NNPC) has said it might consider an Initial Public Offering (IPO) after declaring a profit for the first time in its 44-years.
The Managing Director, Mele Kyari was quoted as saying this at a briefing in Abuja on Thursday.
Stating that a listing would draw on the experience of Saudi Arabian oil giant, Aramco – that listed in 2019, he noted that there was no date on it, but there is a possibility.
He added that while the news was a very cheerful one, and some would expect the corporation to fly into selling shares,it is a long and highly tedious process.
The recent signing of the petroleum industry act – which has a clause that enables the NNPC offer shares to the public also makes this a possibility.
Recall that President Buhari had on Thursday, announced the declaration of a Profit after Tax of N287billion in the year 2020 by the NNPC.
The statement had also noted that NNPC losses were reduced from N803 Billion in year 2018 to N1.7 Billion in year 2019, before the latest profit.
