- Your cart is empty
- Continue Shopping
The Nigerian National Petroleum Company Limited (NNPC Ltd) has reiterated its intention to sell shares through an Initial Public Offer (IPO) in the near future.
Mele Kyari, the Group Chief Executive Officer (GCEO) of NNPC Ltd, made this announcement during the 22nd edition of the 2023 Nigeria Oil and Gas (NOG) Energy conference and Exhibition held in Abuja.
The conference theme was “Powering Nigeria’s Sustainable Energy Future.”
Kyari emphasized that the decision to issue shares to the public is based on the regulations outlined in the Companies and Allied Matters Act, which governs NNPC Ltd.
He stated that the company will comply with the legal requirements, paying taxes, royalties, and dividends to shareholders.
Kyari emphasized that despite being 100 percent government-owned, NNPC Ltd operates as a private sector entity.
He highlighted that the IPO will create a more competitive business environment for the company.
Regarding the removal of subsidies, Kyari stated that it has brought positive changes to the sector by freeing up capital for sustainable energy supply.
He highlighted the collaborative efforts between NNPC Ltd and its partners, who have played a significant role in the production of over 80 percent of Nigeria’s oil and gas resources.
Kyari emphasized that NNPC Ltd aims to facilitate business, acting as an agent of the state to ensure value delivery and fair compensation through Profit Sharing Contracts (PSCs).
Addressing the issue of energy poverty, Kyari acknowledged that over 30 percent of Nigerians still lack access to electricity.
He questioned whether the problem lies in energy availability, affordability, or a combination of both. Kyari emphasized that energy is not only about availability but also affordability.
He mentioned challenges related to payment collection for gas and power supply, emphasizing the need for a sustainable business model and affordable and accessible energy solutions.
Looking ahead, Kyari outlined key initiatives on the horizon for NNPC Ltd. These include expanding gas infrastructure to deliver gas not only within Nigeria but also across West Africa and potentially Europe.
He also highlighted plans to increase the liquefaction capacity of the Nigeria Liquefied Natural Gas (NLNG) facility and promote the availability of Liquefied Petroleum Gas (LPG) as a cooking fuel and Compressed Natural Gas (CNG) as an alternative fuel for automobiles.
Kyari stressed the importance of bridging the skilled manpower gap, ensuring asset security, and investing in infrastructure.
These measures are essential for transforming challenges into opportunities and driving Nigeria’s energy future.
The NOG Energy Week, which brings together policymakers, regulators, industry leaders, stakeholders, and partners, serves as a platform for discussing policy implementation, energy agenda, and investments in Nigeria’s energy sector.
Source: Allnews Nigeria
