The Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company Limited, Mele Kyari, says the NNPCL will issue its Initial Public Offer (IPO) to investors soon.
Kyari said this at the 22nd edition of the 2023 Nigeria Oil and Gas (NOG) Energy conference and Exhibition in Abuja on Tuesday, July 11.
The NNPCL boss, while speaking on “Redefining Nigeria’s Energy Landscape for a Sustainable Energy Future”, said the decision was based on the law.
He said: “As a company that it is guided under the regulations of the Companies and Allied Matters Act, the NNPCL will declare its shares to the public for acquisition very soon.
“We will pay taxes; we will pay royalties like anyone; we will also pay dividends to our shareholders which many of you are.
“We are in business and business means competition. We are a private sector, forget about the fact that we are owned by the government 100 per cent.
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“You are also aware, we are going Initial Public Offer very soon, we will sell a part of our equity.
“It is in the law, and once that happens, we will not be any different for any of you and it will be a very different business environment.”
On subsidy removal, Kyari said it had ensured positive change in the sector by freeing up capital for powering the sustainable supply of energy.
The NNPCL boss said: “Are we positioned to facilitate business? Yes, but our partnership produced over 80 per cent of the oil and gas in the country either directly or through our off-stream company or through our partnership.
“I am in a position to facilitate business. On the PSC today, we are just agents of the state, trying to make sure we deliver value to them and then they will pay.
“I am sure you appreciate this new relationship. The PSCs are not on the balance sheet on the NNPCL.
”We make sure you do your work because when you do, we are compensated 40 per cent of your profit oil, so it is important for us as well as business for us.”
On energy poverty, Kyari said the focus was now to ensure that more people have access to energy.
He stated: “Over 30 per cent do not have access to electricity. So, is energy available or is it the problem of affordability.
“Or it is that we have an unsustainable situation or is it combination of all of them? I think we are dealing with the combination of all.”
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