Mele Kyari, Group Chief Executive Officer (GCEO) of the Nigeria National Company Limited (NNPCL), on Wednesday took to his X handle (Twitter) to assure that work is ongoing to deliver the planned Initial Public Offering (IPO) of the state-owned oil corporation.
Kyari tweeted via is verified handle: “privileged to join Mr President to @NASDAQ for his epic ringing of the closing bell for the exchange.”
He then assured that “@nnpclimited (is) working to achieve IPO,” through which it plans to sell shares to the public, as if to confirm an earlier statement that the company has, indeed, secured the backing of Nigerian President Bola Tinubu.
Investdata News recalls that the company had in July last year said it would be ready for an IPO by mid-2023, as it seeks to sell shares to the public. But if failed to meet the target, which was to have ended the transition process.
Kyari was quoted as saying at an energy conference in Abuja recently: “We will go to the market and this is going to happen soon. This is the new direction, and I can confirm to you that Mr President is completely committed.
”As a company that is guided under the regulations of the Companies and Allied Matters Act, the NNPC Limited will declare its shares to the public for acquisition very soon,” he stressed.
The company became a commercial venture on July 19, 2022, following the Petroleum Industry Act.