Tag: NNPC eyes 10% equity sale

The Nigerian National Petroleum Company Limited is considering selling between five and 10 per cent of its equity to investors through an initial public offering, with a possible secondary listing on the London or New York stock exchanges. This move could open the state-owned oil company to public scrutiny and private investment, experts say. The Group Chief Executive Officer of NNPC Limited, Bashir Bayo Ojulari, disclosed this in an interview with Reuters on Tuesday, saying the proposed share sale would focus primarily on Nigeria’s domestic capital market, while international listings could follow. He said the company was considering a model that would allow Nigerians to own shares in the national oil company without the Federal Government relinquishing operational control. Ho...