“It Belongs to All”: Kyari Makes Exciting Comments on Plans to List NNPC Shares for Public Investment
- NNPC has made an exciting announcement regarding the listing of NNPC shares on the stock market
- The move comes as the NNPC continues its oil search operations in the Northern region of the country
- Mele Kyari has set a target date for when the shares will be made available for public investment
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Mele Kyari, the Group Chief Executive Officer (GCEO) of The Nigerian National Petroleum Company Limited (NNPC), has reiterated the corporation's intention to publicly offer shares of the oil company.
The move, when realised, will signify a significant departure from the corporation's previous structure, wherein it operated as a wholly state-owned entity.
Source: Twitter
According to a report by Daily Trust, Kyari stated that over 200 million Nigerians are essentially shareholders of the NNPC.
He explained further the shares are currently held in trust by the Federal Ministry of Finance Incorporated and the Federal Ministry of Petroleum, representing the federation.
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Kyari highlighted that the Petroleum Industry Act 2021 (PIA) allows the NNPC to offer its ordinary shares to Nigerians or interested international partners who align with the company's values.
His words:
"The shares would be taken to an Initial Public Offering (IPO) stage to facilitate this. However, prior approval from the National Economic Council, comprised of the 36 state governors, is required to sell a specific portion of the NNPC's shares."
Kyari also emphasised the importance of maintaining transparency and accountability throughout the process.
He stated:
"We have established robust and transparent systems, which we believe are adequate. By the end of June, or at the latest, by the end of this year, we aim to have the IPO ready."
He further mentioned that according to the timeline outlined in the NNPC's incorporation in 2021, the IPO should be completed within three years. Therefore, the target is to go for the IPO by 2024.
NNPC, NMDPRA speak on staff recruitment exercise reports, warn Nigerians
Meanwhile, in another report, the Nigerian National Petroleum Corporation has said reports that it is recruiting are fake and should be ignored by Nigerians.
The national oil company revealed that any recruitment exercise would be announced through the proper channels.
Similarly, the NMDPRA has warned Nigerians that there is no ongoing recruitment.
Source: Legit.ng
