NNPC considers IPO after first profit in 44 years

LAGOS, Sept 7 (Reuters) – Nigerian state oil company NNPC could consider an initial public offering within three years. Mele Kyari has told Bloomberg news in a television interview.

NNPC is to become a limited liability company after Nigerian President Muhammadu Buhari signed the Petroleum Industry bill into law last month .

“We want to get ready,” NNPC chief Mele Kyari said of a potential IPO. “The earliest consideration would be in three years’ time.”

He said NNPC would first need to recapitalise and get its books in order. Under Nigerian law, the government also has to specifically approve sales of company shares, which would be split between the ministries of finance and petroleum.

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