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March 27, 2025
The Nigerian National Petroleum Co. Ltd. (NNPC) is in the “final” stages of preparations for an initial public offering, a senior company official said on Thursday, but gave no time frame for the IPO which has been talked about for a few years.
NNPC has joint ventures with major oil companies that pump more than half of Nigeria’s oil.
The state-owned producer, which became a fully commercial entity in 2021, no longer has recourse to state funds and will have to raise funding independently.
Nigeria’s oil law required NNPC to list within six months after the law was passed in 2021, but it has yet to do so.
REUTERS
