The Nigerian National Petroleum Corporation’s (NNPC’s) Group Managing Director (GMD) by name, Mele Kyari has stated that Nigerians and interested investors will be able to become shareholders in the company within the next three years.
The NNPC boss disclosed this on Monday during an interview on Bloomberg TV Global Financial News.
According to Ripples Nigeria, Kyari said plans are already on the way as stipulated by the recently signed Petroleum Industry Act (PIA) to issue its Initial Public Offer to investors.
Kyari, during the interview with the Bloomberg TV also said that the signing of the PIA means NNPC would now operate in line with the Companies and Allied Matters Act.
“Unfortunately, shares to the public would not be sold by 2022 or 2023 due to certain bottlenecks that had lingered over the years but we will be in the position to consider any Initial Public Offering (IPO) in three years’ time; that is the provision of the law,” he said.
“When you want to get ready for IPO, you need to do things different. You need to get your books correct; you need to recapitalise; you need to shape your portfolio and many more things that you have to do until you get IPO ready,” he continued.
“Surely, it is not what we will do in 2022 or 2023; probably the earliest consideration will be in three years’ time,” he added.
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