Managing Director of Nigerian National Petroleum Corporation (NNPC) Mele Kyari has said the Corporation is considering Initial Public Offering (IPO).
An initial public offering (IPO) refers to the process of offering shares of a private corporation to the public in a new stock issuance. An IPO allows a company to raise capital from public investors.
IPOs provide companies with an opportunity to obtain capital by offering shares through the primary market.
The NNPC Boss, in an interview with Bloomberg stated thus:
“A listing would draw on the experience of Saudi Aramco, the Saudi Arabian oil giant that listed in 2019. There is no date on it, but there is a possibility of doing this”.
The Nigerian National Petroleum Corporation (NNPC) declared a Profit after Tax (PAT) of N287 billion for year 2020.
According to the financial report disclosed by President Buhari, NNPC losses were reduced from N803 billion in year 2018 to N1.7 billion in year 2019 and in year 2020, it grew to N287 billion.