“We Are Now Making Money”: Kyari Announces NNPCL 80% Ready To Become Public Company
- Nigerian oil company, NNPL has announced that the company is ready to become a public limited company
- Its CEO Mele Kyari also said the company is focusing on diversifying energy supply and promoting the use of cleaner natural gas in Nigeria
- He added that the company wants to positioned Nigeria as a gas hub in West Africa through partnerships and global cooperation
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Mele Kyari, the Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company Limited (NNPCL) has announced the company is 80 per cent ready for an Initial Public Offer(IPO).
An IPO is an initial public offering. In an IPO, a privately owned company lists its shares on a stock exchange, making them available for purchase by the general public.
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NNPC plans to go public
Speaking at the Abu Dhabi International Petroleum Exhibition and Conference (Adipec), Kyari outlined NNPCL's ambitions.
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Leadership reports that Kyari highlighted NNPCL's transformation into a fully commercial model in 2021, underlining the company's commitment to outperform its private sector peers.
He emphasized the need for NNPCL to transition from being state-owned to a more expansive and dynamic entity.
This transition may take the form of an IPO or selling equity to a strategic investor.
Kyari explained:
"It's a massive process that requires transformation, that requires an alignment with the realities of today."
Kyari making money
Despite being the largest corporation in Africa, Kyari acknowledged that NNPCL still had room for improvement in terms of profitability.
He noted:
"NNPCL is now making money, but is it making enough money? No."
Kyari also spoke on NNPCL plans to transform Nigeria into a regional gas hub in the coming years.
"A number of countries are talking to NNPCL, in three to four years, Nigeria will become a hub of gas in West Africa."
Furthermore, Kyari announced that the African Export-Import Bank (Afreximbank) was working alongside national oil companies to establish an energy bank.
This development would provide essential financial support for NNPCL's endeavors.
NNPC speaks on plans to relocate headquarters from Abuja to Lagos
Meanwhile, in another report, the NNPCL has reacted to reports that there are plans to relocate the headquarters from Abuja to Lagos.
Mele Kyari, the Group Chief Executive Officer (GCEO) of NNPC Limited, clarified when responding to questions from lawmakers.
The headquarters of NNPC consists of four identical towers; the complex is located on Herbert Macaulay Way, Central Business District Abuja.
Source: Legit.ng
