Wednesday, September 1, 2021
The Nigerian National Petroleum Corporation is considering an initial public offer of its shares after declaring profit for the first time in its 44 years of operation in the 2020 financial year. This comes after President Muhammadu Buhari, signed into law the Petroleum Industry Act, which enables the state-owned oil giant to offer its shares to the public. Listing of NNPC's shares will draw on the experience of the Saudi Arabian oil giant, Aramco, which listed its shares in 2019. The news of the proposed sales of NNPC shares to the public and its subsequent listing on the Nigerian exchange limited is expected to help improve transparency and accountability at the oil firm which had been bedeviled with large scale corruption.