Abu Dhabi — Nigeria’s state-owned oil firm NNPC has been improving transparency about its performance in preparation for a long-awaited initial public offering, its CEO said on Tuesday.
Nigeria’s oil law required NNPC to list within six months after the law was passed in 2021. It has yet to do so, although its finance chief said in March that it was in the final stages of preparations.
“The IPO journey is by law. The PIA (Petroleum Industry Act) prescribes for NNPC to journey towards achieving IPO. It’s not an option for us”, CEO Bayo Ojulari said on Tuesday
He added that the preparations required the company to become more transparent.
“We have begun to publish our monthly performance since May this year and that has continued”, Ojulari added, without giving a timeline for the IPO.
Speaking at the ADIPEC energy conference in Abu Dhabi, Ojulari also said the company was working towards increasing its stake in Nigeria’s Dangote refinery to 20%.
The Dangote Petroleum Refinery, Africa’s largest oil refinery, launched operations last year but has struggled amid competition from cheap imports.
Last week, NNPC’s CEO said it was seeking technical equity partners to help revive three of its refineries that have remained idle despite significant investments.
*Yousef Saba & Jana Choukeir. Ahmed Elimam & Elwely Elwelly. Editing: Christopher Cushing & Mark Potter – Reuters
