The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mele Kyari, has announced that the National Oil Company will issue its Initial Public Offer to investors.
Kyari disclosed this during the 22nd Edition of the NOG Energy Conference with the theme: “Powering Nigeria’s Sustainable Energy Future”.
The 2023 Energy Week is an annual event holding at the International Conference Centre, Abuja. It targets policy makers, regulators, and leaders from the private sector to discuss Nigeria’s vital energy agenda.
Kyari in his address on ‘Redefining Nigeria’s Energy Landscape for a Sustainable Energy Future’ revealed that NNPC will declare its ehare soon, as guided under the regulations of the Companies and Allied Matters Act.
“By the way, you are also aware, we are going Initial Public Offer (IPO) very soon, we’ll sell a part of our equity. It’s 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.”
The NNPC GCEO stated further that affordability, accessibility and sustainability are the drivers of Nigeria’s energy future.
Kyari noted that key initiatives on the horizon for NNPCL will include expanding gas infrastructure to deliver gas across West Africa and potentially, Europe; expansion of liquefaction capacity of NLNG and enabling availability of LPG as a cooking fuel and CNG as alternative fuel for automobiles.
Kyari reiterates the need to bridge the skilled manpower gap, ensure asset security, and invest in infrastructure to transform challenges into opportunities. Added that strategic decisions like subsidy removal have already paved the way for positive change in the sector, while freeing up capital for powering the sustainable supply of energy.
“I’m 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’s important for us as well as business for us.”
“Nobody is going to give you money for projects you are not going to get back your money. Today NNPC is exposed to all of you now, not just the government”.
“We supply gas, we don’t get payment for it; We supply power and we don’t get paid for it. So, you can’t run any business this way. You cannot be sustainable. You cannot create affordable energy and it will not be available.”