Sequeal to the recent repositioning and unveiling of Nigerian state owned oil company to profit oriented company by the country President Mohammadu Buhari, The Nigerian National Petroleum Corporation has through the Group Managing Director Mele  Kyari proclaimed the company moving forward plan to announce the imminent launching of the NNPC Ltd initial public offering (IPO) in the middle of next year.

 The NNPC Limited group CEO stated this vital information during his press briefing with journalists on Tuesday after the unveiling ceremony which has now repositioned the company as a commercial venture and hitherto distance it future operational financing from state coffers.

 “We are convinced that by the middle of next year, this company will be IPO ready, which means that you have the system, processes, and a company that is accountable to its stakeholders and shareholders,” Mele Kyari stated.

In his speech, President Mohammadu Buhari reiterated the transformation processes of the nation’s oil firm as relevant approach in strengthen its ability and capacity to compete with its contemporaries in global oil and gas market. 

 “This is a landmark event for the Nigerian oil industry. Our country places a high premium on creating the right atmosphere that supports investment and growth to boost our economy and continues to play an important role in sustaining global energy requirements. We are transforming our petroleum industry to strengthen its capacity and market relevance for the present and future global energy priorities,” he said. 

“By chance of history, I was privileged to lead the creation of the Nigeria National Petroleum Corporation on July 1, 1977. 44 years later, I was again privileged to sign the Petroleum Industry ACT (PIA) in 2021, heralding the long-awaited reform of our petroleum sector. 

“The provision of PIA 2021 has given the Nigerian petroleum Industry a new impetus with the improved fiscal framework, transparent governance, enhanced regulation and the creation of a commercially-driven and independent national oil company that will operate without relying on government funding and free from institutional regulations such as the treasury single account (TSA), public requirement and fiscal responsibility act (FRA).

 “It will, of course, conduct itself under the best international business practices in transparency, governance and commercial viability. 

“Coincidentally, on the first of July 2022, I authorized the transfer of assets from the NNPC to a successor company, the Nigerian National Petroleum Company Limited (NNPC) Limited and stirred the implementation leading to the unveiling of Africa’s largest national oil company today.”

The present NNPC Ltd structure is now an enabler that sees the company to international Exploration and Production space and ready to operate joint production ventures with International Oil Companies in competitive manner both regional and globally

Following the passage of Petroleum Industry Act (PIA), the transformation process of NNPC steps  in leading to legal backing of the company’s operations and activities to be regulated by the Companies and Allied Matters Act on July 1, 2022 as NNPC Limited under the (CAMA), 2021.