The Nigerian National Petroleum Company Limited (NNPC Ltd.) has said it has no fixed date for its proposed Initial Public Offering (IPO). The company made this clear after its Annual General Meeting in Abuja.
NNPC Group Chief Executive Officer, Bayo Ojulari, spoke on the proposed NNPC IPO on Tuesday. He said the company is focused on getting fully prepared for a possible listing. Consultants and other experts are currently assessing its readiness and pending requirements.
“We don’t have a date, but we are working hard to make sure we are ready as soon as we can,” Ojulari said.
He explained that NNPC management cannot decide the IPO date alone. Instead, the company’s shareholders will make the final decision on behalf of the country.
Meanwhile, the company is working to meet the standards required for a successful listing. Ojulari said market conditions and the outcome of the readiness assessment will also influence the timing. He stressed the need for transparency, accountability and sustainable performance.
NNPC will announce the IPO date after the necessary assessments and advice are complete.
