The national oil company’s quarterly report reveals that the Nigerian National Petroleum Company Limited has failed to meet the deadline for the start of its initial public offering.
Following the Petroleum Industry Act, on July 19, 2022, the company became a commercial venture headed by the group CEO of NNPC, Mele Kyari.
CEO of NNPC, Mele Kyari, previously announced that the company would be ready to launch an IPO by mid-year in 2023 during a transition ceremony.
The report states that an IPO is a public offering where a company sells shares to institutional investors.
Meanwhile, the NNPC is expected to be ready for an IPO by the end of the second quarter, according to the release quarterly report. However, it is now the third quarter and no IPO has been launched yet.
In the maintime NNPC Ltd is making a deliberate effort to properly clean up its books towards recapitalization.
Reacting to the report, the PIA provides that NNPC Ltd will be in a position to consider any initial public offer (IPO) in three years’ time, noting that the company understands that for NNPC to get ready for IPO, NNPC will need to do things differently.
