The Nigerian National Petroleum Company Limited (NNPC Ltd) has announced it is in the final stage of preparations for listing on the capital market, in compliance with the Petroleum Industry Act (PIA) 2021. The disclosure was made by the Company’s Chief Finance and Investor Relations Officer (CFIO), Mr. Olugbenga Oluwaniyi, in a statement during a consultative meeting with partners at the NNPC Towers in Abuja on Thursday.

Oluwaniyi stated that NNPC Ltd is currently engaging with prospective partners in an exercise termed “NNPC Ltd. IPO Beauty Parade” as required by capital market regulations ahead of the Initial Public Offer (IPO). He explained that the IPO Beauty Parade is designed to assess potential partners and identify how they can support the company in the listing process.

In a statement signed by Chief Corporate Communications Officer of NNPC Ltd, Olufemi O. Soneye, Oluwaniyi listed the key areas of partnership needed, which include Investor Relations, IPO Readiness Advisers, and Investment Bank Partners. He added that the company offering the best terms for project collaboration would be selected for each of the three categories.

An IPO involves the sale of a company’s shares to institutional investors as part of a public offering. The PIA mandates NNPC Ltd to list its shares in the capital market in accordance with the Company and Allied Matters Act (CAMA) 1990.