NNPC Ltd Says IPO Date Not Fixed, Shareholders to Decide
The Nigerian National Petroleum Company Limited has stated that no date has been set for its planned initial public offering, stressing that the final call belongs to its shareholders.
Bayo Ojulari, the company's Group Chief Executive Officer, made this known on Tuesday in Abuja during a news conference on NNPC Ltd's 2025 Audited Financial Statements, held after its Annual General Meeting.
According to Ojulari, the company's current focus is on getting ready for the proposed IPO, with consultants and other parties evaluating its level of preparedness and the actions still outstanding.
He said, "We don't have a date, but we are working hard to make sure we are ready as soon as we can."
Ojulari explained that the decision to proceed with an IPO does not rest with management, saying, "The decision to take an IPO is not ours. It's the shareholders who will take that decision ultimately on behalf of the country."
He further noted, "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."
The timing of the listing, he added, will depend on the results of the readiness assessment, current market conditions and other strategic factors.
Ojulari said the duty of NNPC's management and board is to put in place all the requirements and evidence needed to make the company ready for listing.
He identified transparency, clear accountability and sustainable performance as essential conditions for achieving that 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," Ojulari said.
He reiterated that management can only prepare the company for listing, while the shareholders will make the final decision on behalf of the country.
Ojulari said the company will announce the IPO date once the relevant assessments are concluded and the necessary advice is received.
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