NNPCL to Launch IPO with 5-10% Stake for Transparency

The Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPCL), Ojulari, announced plans for an initial public offering (IPO) that will start with a 5 to 10 percent stake. The listing will primarily target the domestic market, with a potential secondary listing in London or New York.

Ojulari indicated that preparations for the IPO will likely take all of next year, emphasizing that the main objective is to improve NNPC's transparency and governance in accordance with Nigerian law, while raising cash is a secondary goal. He also mentioned that Chinese companies have expressed interest in acquiring stakes in Nigeria's smaller oil refineries, which require significant repairs.

NNPCL aims to retain at least 10 percent equity in any deals made. Additionally, Ojulari stated that the Ajaokuta-Kaduna-Kano (AKK) pipeline is expected to deliver gas to Abuja before the end of the year, although it has faced multiple construction delays over the past six years.