NNPC Gears Up for Public Listing, Anticipates Share Divestment
The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC), Mele Kyari, has announced that the company’s shares will soon be listed on the stock market as outlined in the Petroleum Industry Act (PIA). Kyari made this known at the ongoing 2024 CERAWEEK in Houston, United States, stating that NNPC would become a quoted company in line with the PIA, with some shares divested at maturity.
Kyari highlighted the transformation of NNPC, noting that it has transitioned from a government-owned corporation to a limited liability company, now commercial and profit-making. He emphasized that the reform process has made NNPC a fully commercial company, paying taxes, royalties, and providing dividends to its shareholders.
He further explained that the PIA provides a pathway for NNPC to be quoted, allowing others to buy shares. Kyari mentioned that the law anticipates three years from incorporation for the listing process, indicating that it is within sight.
NNPC’s Executive Vice President, Upstream, Mrs. Oritsemeyiwa Eyesan, reiterated the company’s commitment to utilizing Nigeria’s abundant gas resources for industrialization and economic development. She stated that NNPC plans to deepen gas utilization domestically for industrialization, emission reduction, and gas flare-out.
Eyesan highlighted NNPC’s focus on expanding the domestic gas market regionally and internationally, emphasizing collaboration among African countries for even distribution of energy resources. She noted that energy transition is crucial, particularly in addressing energy poverty in Sub-Saharan Africa.
The panel session at the CERAWeek Conference also featured energy experts discussing strategies for upstream development and energy transition. The Chief Upstream Strategist of S&P Global Commodity Insights, Bob Fryklund, emphasized the need for collaboration and strategy alignment in the energy sector.
Overall, NNPC’s plans for public listing and gas utilization reflect a strategic shift towards sustainable energy practices and economic development in Nigeria.
ThisDay News
