ADVERTISEMENT
  • Contact Us
  • Articles
  • Nollywood Snippets
  • Romance
  • Special Report
  • US This Week
  • Brain Teasers
  • Music Gists
  • From The NGOs
  • Advertisement
  • Privacy Policy
DGovScoops
  • Home
  • Politics
  • Business
  • Nation
  • World
  • Sports
  • Tech
  • Entertainment
No Result
View All Result
  • Home
  • Politics
  • Business
  • Nation
  • World
  • Sports
  • Tech
  • Entertainment
No Result
View All Result
DGovScoops
No Result
View All Result
Home Business

NNPC to begin sale of shares in 2024 – Kyari

dgovscoops by dgovscoops
September 7, 2021
in Business
0 0
0
Breaking News: NNPC Announces Top-Management Level Appointments, Redeployments
0
SHARES
22
VIEWS
Share on FacebookShare on Twitter
">
ADVERTISEMENT

NNPC to begin sale of shares in 2024 – Kyari

By Jennifer Ugwueke

The Group Managing Director of the Nigerian National Petroleum Corporation(NNPC), Mele Kyari, has said that the earliest the corporation can issue its Initial Public Offer to investors is in the next three years.

The NNPC boss disclosed this on Monday during an interview on Bloomberg TV Global Financial News monitored by our correspondent.

The announcement is one of the outcomes of the Petroleum Industry Act recently signed on the state-owned corporation in the global market.

Speaking on the impact of the PIA on the NNPC, Kyari said the corporation would now be operated in line with the Companies and Allied Act.

However, he stated that the NNPC may not be able to offer its shares to the public by 2022 or 2023 due to certain bottlenecks that had lingered over the years.

Kyari said, “We will be in the position to consider any IPO in three years’ time; that is the provision of the law.

“But when you want to get ready for IPO, you need to do things different. You need to get your books correct; you need to recapitalise; you need to shape your portfolio and many more things that you have to do until you get IPO ready.

“Surely, it is not what we will do in 2022 or 2023; probably the earliest consideration will be in three years’ time.”

It was reported last week that the corporation declared a profit of N287bn in 2020, the first time the oil giant declared in 44 years.

Kyari had stated the profit fell far below the NNPC’s potential.

On the development, the GMD said, “Obviously this company is changing very fast and on the fast lane. We just declared profit for the fiscal year 2020.

“We are not getting ready for the IPO tomorrow; that is not exactly, that is not the situation. IPO really means this company is going to be profitable, it has a long trajectory, it has a short-term view of how things can be done better to align with the best practice in the industry.

“We are trying to see how we can relax the existing framework for energy transition that is ongoing all over the world.

“Every country is adjusting its portfolio by doing things differently in a better way and obviously in the long run, this is going to be a very great company and great companies always go for IPO.

“So, this is not something that we are going to do tomorrow. Obviously not. Our new law has made the provision that we can sell shares of this company, but in today’s context, I really say this company is doing great and getting an IPO means that it is going to be better than what it is today.”

Speaking on why the NNPC is taking stake in the 650,000 barrels per day of crude oil Dangote Refinery owned by Africa’s richest business man, he said the major consideration was energy security.

Share this:

  • Twitter
  • Facebook
  • WhatsApp
  • LinkedIn
  • Telegram
  • Print

Related

">
  • Trending
  • Comments
  • Latest
BREAKING NEWS: BIDEN APPOINTS KOGI-BORN FEMALE INTO HIS CABINET

BREAKING NEWS: BIDEN APPOINTS KOGI-BORN FEMALE INTO HIS CABINET

January 13, 2021
Oba of Benin finally opens up, Advises on the candidate to vote for in the forthcoming Edo Governorship Election

Oba of Benin finally opens up, Advises on the candidate to vote for in the forthcoming Edo Governorship Election

August 28, 2020
An Apprentice At Chucks Supermarket Paid us to Kill the Owner- Suspect

An Apprentice At Chucks Supermarket Paid us to Kill the Owner- Suspect

July 29, 2020

Breaking News: Isanlu Robbery: Police Arrests Suspects

June 18, 2020
Publisher’s Comment

Publisher’s Comment

2
Breaking News: Tribunal Dismisses PDP’s Petition, affirms Bello of the APC as Governor

Breaking News: Tribunal Dismisses PDP’s Petition, affirms Bello of the APC as Governor

1
COVID-19: INEC to receive names of Edo, Ondo guber candidates online, says e-voting will begin in 2021

COVID-19: INEC to receive names of Edo, Ondo guber candidates online, says e-voting will begin in 2021

1
Governors reject Buhari’s order on state legislature, judiciary

Governors reject Buhari’s order on state legislature, judiciary

1
FG, Uni-Abuja, ACCI commend NEPZA over proposed SEZ’s initiatives

FG, Uni-Abuja, ACCI commend NEPZA over proposed SEZ’s initiatives

February 1, 2023
International Women’s Day: NEPZA reiterates stance on wider business corridor for women investors

NEPZA commences technical study of proposed Ekiti Knowledge/Technology Free Trade Zone

February 1, 2023
5G will revolutionise Nigeria’s Creative Industry – Danbatta

NCC Boss to Receive Vanguard’s Regulator of the Year Award on Friday

January 27, 2023
Femi Adesina: Nigerians Lucky To Have President Like Buhari

OPINION: THEY HAVE EYES BUT CANNOT SEE. PITY! By FEMI ADESINA

January 27, 2023

Recent News

FG, Uni-Abuja, ACCI commend NEPZA over proposed SEZ’s initiatives

FG, Uni-Abuja, ACCI commend NEPZA over proposed SEZ’s initiatives

February 1, 2023
International Women’s Day: NEPZA reiterates stance on wider business corridor for women investors

NEPZA commences technical study of proposed Ekiti Knowledge/Technology Free Trade Zone

February 1, 2023
5G will revolutionise Nigeria’s Creative Industry – Danbatta

NCC Boss to Receive Vanguard’s Regulator of the Year Award on Friday

January 27, 2023
Femi Adesina: Nigerians Lucky To Have President Like Buhari

OPINION: THEY HAVE EYES BUT CANNOT SEE. PITY! By FEMI ADESINA

January 27, 2023
DGovScoops

Dear readers, welcome to the fresh soothing world of exclusive scoops from the No1 exclusive story merchants of the industry. We are poised to exercise our mandate as "watchdog of the society" with all sense of patriotism and responsibility.

Browse by Category

  • Articles
  • Brain Teasers
  • Breaking News
  • Business
  • Crime
  • Education
  • Entertainment
  • From The NGOs
  • Health
  • Latest News
  • Lifestyle
  • Music Gists
  • Nation
  • Nollywood Snippets
  • Politics
  • Romance
  • Special Report
  • Sports
  • Tech
  • US This Week
  • World

Recent News

FG, Uni-Abuja, ACCI commend NEPZA over proposed SEZ’s initiatives

FG, Uni-Abuja, ACCI commend NEPZA over proposed SEZ’s initiatives

February 1, 2023
International Women’s Day: NEPZA reiterates stance on wider business corridor for women investors

NEPZA commences technical study of proposed Ekiti Knowledge/Technology Free Trade Zone

February 1, 2023
  • Contact Us
  • Articles
  • Nollywood Snippets
  • Romance
  • Special Report
  • US This Week
  • Brain Teasers
  • Music Gists
  • From The NGOs
  • Advertisement
  • Privacy Policy

© 2023 JNews - Premium WordPress news & magazine theme by Jegtheme.

No Result
View All Result

© 2023 JNews - Premium WordPress news & magazine theme by Jegtheme.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
21