The government-run Nigerian National Petroleum Corporation (NNPC), which on Tuesday officially changed its name to NNPC Ltd, would be prepared to conduct an initial public offering (IPO) in the middle of the next year.
According to Mele Kyari, who spoke to the media in Abuja, “we are certain that by the middle of next year, this firm will be IPO ready, which implies that you have the system, processes, and a corporation that is accountable to its stakeholders and shareholders.”
NNPC Ltd will no longer be able to access public funding because it is a business. The petroleum and finance ministries currently hold its shares and assets, including oil blocks and refineries.
The anti-corruption movement has long called for the publishing of the company’s crude contracts and a statement of accounts. NNPC Ltd. participates in joint production ventures with major Western oil companies.
Timpire Sylva, a junior petroleum minister, declared earlier on Tuesday that NNPC Ltd. will operate profitably and pay dividends.
