African oil giant goes for IPO

An energy-sector expert says Nigeria’s National Petroleum Company is exploring new areas for investment in the country’s oil industry
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Move is a new strategy to position Nigeria as preferred destination for energy-sector investors on the continent, expert tells RT

Nigerian National Petroleum Company Limited announced plans on Tuesday to sell its shares in an Initial Public offering (IPO) to investors, a decision its Chief Executive Officer, Mele Kyari, said is supported by the government.

The IPO will be launched “very soon,” Kyari said, without providing a specific date, adding that the national company (NNPC) is positioning itself to create a different business environment for sustainable energy supply.

Oil and gas analyst Charles Ibiang told RT that the measure, which indicates that Africa’s largest oil and gas company has chosen to become a more market-focused player in the energy sector, has been welcomed by Nigerians, mostly with enthusiasm.

“We’re happy with what Mele Kyari has done with his team…We see this as a new direction to continue to make the Nigerian oil and gas sector a place of choice for investors and investment in Africa,” Ibiang said.

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He believes that Nigerians are “eager” to obtain the shares in order to ensure their full participation in the industry.