Nigeria NNPC Plans 5 to 10 Percent IPO
Nigerias state oil company NNPC plans to float a 5 to 10 percent stake in an initial public offering focused on the domestic market. CEO Bashir Bayo Ojulari noted preparations will take at least a year to improve transparency and governance.
Nigeria's state oil company is planning an initial public offering of a 5% to 10% stake, focusing primarily on domestic investors. CEO Bashir Bayo Ojulari said the offering could be followed by a secondary listing in London or New York. The move mirrors privatization strategies used by energy firms in the United Arab Emirates.
Preparations will take at least all of next year, with improved transparency and governance as the primary objective under local law. Raising cash remains a secondary goal for the state-run enterprise.
