Nigeria’s state oil firm, NNPC Ltd., is seeking advisers and investment banks for its long-delayed IPO. CFO Olugbenga Oluwaniyi stated the company is in the final stage of securing a listing but gave no timeline.
NNPC has faced multiple delays in its plans to go public, despite the idea first being proposed nearly a decade ago.
The most recent attempt at an initial public offering (IPO) was considered four years ago, following the company’s first recorded profit in 44 years.In 2021, then-President Muhammad Buhari took a significant step by signing legislation that legally enabled NNPC to sell shares to the public, marking a major shift in the company’s structure.
According to Group Chief Executive Officer Mele Kyari, NNPC intends to learn from the experience of Saudi Aramco, which successfully raised $25.6 billion in its 2019 IPO—the largest in history. Kyari emphasized that NNPC would study Aramco’s approach to ensure a well-executed and profitable listing.
