NNPC Announces Plans to Sell Shares in the Near Future
The Nigerian National Petroleum Company Limited (NNPC Ltd) has revealed its intention to issue an Initial Public Offer (IPO) in the near future. This announcement was made by the Group Chief Executive Officer of NNPC Ltd, Mele Kyari, at the 22nd annual Nigeria Oil and Gas (NOG) Energy Conference and Exhibition in Abuja.
According to Kyari, the decision to go public aligns with Nigerian law and the regulations of the Companies and Allied Matters Act. He emphasized that despite being a government-owned entity, NNPC Ltd sees itself as part of the private sector and operates with a competitive mindset.
One of the key topics discussed at the conference was the removal of subsidies, which has brought about positive change in the energy sector. Kyari highlighted that removing subsidies has freed up capital for a more sustainable energy supply in the country.
Addressing the issue of energy poverty, Kyari expressed NNPC Ltd’s focus on ensuring more people have access to affordable energy. He pointed out that currently, over 30 percent of the population in Nigeria does not have access to electricity. To tackle this challenge, the company aims to make energy more affordable, accessible, and sustainable.
In terms of future initiatives, Kyari outlined several plans that NNPC Ltd has in the pipeline. These include expanding gas infrastructure to deliver gas across West Africa and Europe, increasing the liquefaction capacity of NLNG (Nigeria LNG Limited), and promoting the use of LPG as a cooking fuel and CNG as an alternative fuel for automobiles.
The NOG Energy Conference and Exhibition brought together industry policymakers, regulators, leaders, stakeholders, and partners to discuss policy implementation, important energy agendas, and investment opportunities.
