NIGERIA'S NNPC IPO
ENERDATA - 31 Aug 2021 - Nigeria's national oil company, the Nigerian National Petroleum Corporation (NNPC), is considering an initial public offer (IPO) of its shares, without specifying the date for the potential IPO. The company, which posted profit in the 2020 financial year for the first time in 44 years, is allowed to offer its shares to the public, in line with the Petroleum Industry Act (PIA) that entered into force earlier in August 2021.
The Petroleum Industry Bill will transform the state-owned Nigerian National Petroleum Company (NNPC) into a limited company, will create a Nigerian Upstream Regulatory Commission, and a Nigerian Midstream and Downstream Petroleum Regulatory Authority. The NNPC Limited is expected to earn 10% of proceeds of the sale of profit oil and profit gas as management fee.