By Agency Report
The Nigerian National Petroleum Company Limited (NNPC Ltd.) says it has no fixed date for its proposed Initial Public Offering, IPO, emphasising that the ultimate decision rests with its shareholders.
Bayo Ojulari, Group Chief Executive Officer, NNPC Ltd., said this on Tuesday in Abuja at a news conference on the company’s 2025 Audited Financial Statements, after its Annual General Meeting.
Ojulari said the company was focused on achieving readiness for the proposed IPO, while consultants and other relevant parties were assessing its preparedness and outstanding actions.
“We don’t have a date, but we are working hard to make sure we are ready as soon as we can.
“The decision to take IPO is not ours. It’s the shareholders that will take ultimately that decision on behalf of the country.
“But just also bear in mind that we cannot just determine a date for IPO on our own. It is the consultants and the parties that assess and evaluate that will give us a sense of readiness overall when they finish,” he said.
He said the timing would be determined by the outcome of the readiness assessment, prevailing market conditions and other strategic considerations.
According to him, NNPC’s responsibility as management and board is to ensure that all requirements and evidence needed to make the company ready for listing are in place.
He said transparency, clear accountability and sustainable performance were critical requirements for achieving such readiness.
“Therefore, we need to set our bar where it belongs. To do that, we have to make sure there is transparency, clear accountability and sustainable performance,” Mr Ojulari said.
He said that management could only prepare the company for listing, while the decision to proceed would ultimately be taken by the shareholders on behalf of the country.
Ojulari said the company would communicate the IPO date once the relevant assessments had been completed and the necessary advice received.
NAN
