The Nigerian National Petroleum Corporation (NNPC) has announced that it is considering an initial public offer (IPO) of its shares after declaring profit for the first time in its 44 years of operation in the 2020 financial year.
This is also coming after President Muhammadu Buhari, earlier in August 2021, signed into law the Petroleum Industry Act (PIA), which enables the state-owned oil giant to offer its shares to the public. This disclosure was made by the Group Managing Director of NNPC, Mele Kyari, during a press briefing in Abuja. According to Bloomberg, Kyari said that the listing of NNPC’s shares will draw on the experience of the Saudi Arabian oil giant, Aramco, which listed its shares in 2019. Kyari in his statement said, “There is no date on it, but there is a possibility of doing this. Obviously because you have made profit today doesn’t mean you are ready for IPO. It is a very, very long, tedious process.’’ Nairametrics had on Thursday reported that President Buhari announced that the NNPC reported a profit after tax of N287 billion in 2020, an announcement that is in fulfilment of an earlier pledge by the Federal Government to publicly declare the financial position of the state-owned oil company. The declaration of the result is sequel to the completion of the statutory annual audit exercise for year 2020, the first time in 2 years. The NNPC has for many years operated under a cloak of secrecy and is very often mired by several allegations of corruption and lack of accountability. The President, in his announcement, said that the NNPC losses were reduced from N803 billion in the year 2018 to N1.7 billion in year 2019 and the eventual declaration of Net Profit in Year 2020 for the first time in its 44-year history.
The news of the proposed sales of NNPC shares to the public and its subsequent listing on the Nigerian exchange limited is a very good one as it is hoped that this will help improve transparency and accountability in the oil firm which had been bedevilled with large scale corruption.
This will also be a huge boost to the country’s stock market and allow Nigerians to have a say in the running of the oil firm rather than just a few individuals.
The Petroleum Industry Act that was signed into law by President Buhari in August, said that the NNPC will be registered as a commercially focused entity.
KPMG in its earlier report had stated that the new legislation specifies that the company pay its fair share of royalties, fees, rents, taxes and other payments due to the government and that it should pay out the bulk of its profits as dividends after retaining 25% for reinvestment.
The Nigerian Stock Exchange has a market capitalization of N20.6 trillion ($50 billion). The largest IPO on the bourse to date was Guaranty Trust Bank Plc’s $824 million listings in 2007, according to data compiled by Bloomberg.
Bedtec: They should arrest the idiot, take BMCs along then drop BMCs in Chad lake to perish .... Enough of Northern evil in this country just because they're in power
They wont shout lawlessness now ooo. The same set of people that dont want Igboho and MNk extradited are supporting Kyaris extradition. Hypocrites
Thank God say I no even do the useless NIN. Everything about this Administration is leaning towards Terrorism&Banditry!!
Federal Republic of BokoHaram&Banditry!!!
FRBB Burahi Weldon o!
Specialist in failure!
Typical of Nigerians. They wont think about the process. You can only escalate when the deadline has passed. Right now, no SIM has been revoked even if not registered.
thebosstrevor1: Below is a video of the imprisoned Ipob terrorist leader Nnamdi kanu fighting for one Nigeria during the Goodluck Jonathan PDP presidency. . He was peaceful and nice....until APC came to power, i think he wanted to make a name by all means possible which made made him go crazy and radicalised.
Nnamdi kanu was the organising committee member that organised protesters in the Uk against the killings in the north by boko haram, during that period he wanted a peaceful and one Nigeria.
This is one of Nnamdi kanu videos and protest fighting for one Nigeria in 2012.
#IPOB #MASSOB #BDA IN 2012 IT WAS "NIGERIA" AND NOT A "ZOO" Nnamdi Kanu was ALL FOR NIGERIA in 2012 (off course with his Southern brother Jonathan in power) he was one of those who led protests AGAINST BOKO HARAM to the Nigerian Embasy in London in February 2012...In short let me just quote him.
"My name is Nnamdi Kanu and the reason why we are here today, is to protest the killing of innocent women and children and men for that matter all over NIGERIA especially in the Northern Part of Nigeria" We are not happy, we are not pleased with what is happening and that is why we are here today, as you can see there are a lot of Nigerians who are protesting about the killing of families"
"People who are determined to tear the COUNTRY apart violently and it is not something that we support, it is not something that we will like to see contmue"
Nnamdi Kanu is just pained that a Northerner is in Power.
History555: If dem born you well, go to sambisa and tell abu kaka you don't recognise him as gov. Lets see if he will not turn you to human manual fan
Sambisa? Forest? So he is the Governor of a forest in Borno and you are excited about that. Sadist. Buhari is winning the war big time and you better get that in your thick skull.
Hopeless illiterates. So because them they share imaginary position means that they control Brono state? Are IPOBS that very gullible or they have chosen to be
Emilokoiyawon: Free them! UNTIL you arrest Miyetti Allah for their crimes against humanity in Ondo state, Oyo state, Ebonyi, Bayelsa, Plateau state, Benue state etc. I will ALWAYS see the arrest of ESN/IPOB/Kanu as selective justice. Buhari's DOUBLE standards STINKS to the high heavens.
Let's hang Miyetti Allah leadership first before we even consider hanging ESN or IPOB. Miyetti Allah is responsible for extermination of villages all over Nigeria. Keep the same energy.
If they catch Miyeti Allah, you will change your story. Hopeless people
Chioma99: IT IS TOO EARLY TO REJOICE ABOUT nnamdi kanu , THE FIRST ARREST MADE HIM POPULAR, THIS SECOND ONE WILL GIVE HIM BIAFRA. Biafrans will fight you all if you dear kill or harm their leader be warned!!!!!!!!!
SaintAY: lol i wasn't the one you insulted earlier ... I just quoted you...
firstly the bandits per se are not occupying the whole of Borno state, but just a fraction... and they grew in numbers because of the negligence of the Federal govt... if the presidency could handle the Bandits as they did with IPOB, this issue would be no more... for crying out loud they know who and where they are... and i say this without repentance Buhari is a nepotic person and is somewhat in support of Nigeria being a Muslim state... for crying out loud this is what all the northern leaders want as sharia is part of the constitution in the north
please help answer these questions 1. whats the mission of ISWAP and Boko Haram 2. why is sharia law part of the constitution in the north 3. Deep inside you do you want the islamization of Nigeria to become a reality
1. ISWAP and Bokoharam started during Yaraduas time and not Buhari, hence i do not understand why you are trying to link this with Buhari. 2. Sharia law as always been part of the constitution and mind you its a state law and cannot be enforced on southerners. Do you agree?? Also, this was not a Buharis idea. Do you also agree?? 3. The shout around Islamization is a bit funny. I am a Muslim and i must say that the feeling is mutual. We also feel that Christians are trying to Christianize Nigeria and i have many reasons to support this. a. In the South and also some part of the North, you see Christian worshipers approaching various households and preaching Christianity. Is this not true? Do you see Muslims engage in such act? b. In Lagos, you see Christian preachers and bus stops and in commercial vehicles preaching to everyone irrespective of your religion c. They share Christian materials every nook and cranny of the Southern states. You wont see this with Muslims
I can go on and on. Like i said, lets us all take our time to truly reflect on some of these events before we make accusations. There are many more reasons to buttress the fact that Christians are trying to Christianize everybody LOL
SaintAY: I have every reason to believe the northern government and the presidency are happy with the development, connect the dots man, the presidency is in support of ISWAP, they'd be very happy to Islamize Nigeria, or why cant the same legal actions taken against IPOB be used against the Bandits, what Boko haram is doing today is in line with Jihad, which I believe the Northern govt somewhat wants, going against them is going against their own belief, or why do we have sharia law today, so they'd rather stay mute than fight back, or how do you think Islam is spread if not by conquest... for crying out loud the government know where these people are, or at least Gumi knows where they are, his even being escorted by Police and DSS is also aware... connect the dots
What dots are there to connect? Borno alone is almost as big as the whole south east. Do you think it is easy to fight insurgency over there? IPOB are not so many and are not as sophisticated and that is why it was so easy to fish them out. That doesnt mean that the Government showed any preference in dealing with these terrorists groups. The Presidency till tomorrow still has El ZakZaky in captive or is he not a Muslim? Do you know how many Bokoharam fighters have been killed by this government? Didnt you see the recent merger within the groups just to ensure they remain relevant?
Lets put sentiments aside and try to apply a more practical approach to the way we interpret government actions and inactions.
Apologies for the previous insult. I take back my word.
Godisfaithful: Alright sir. I never knew Oyinbo man is taken position. Wow, that’s a breaking news Maybe I should stop sleeping then and buy as well SMH
You better. Your children will ask you these questions too
Godisfaithful: Sir, that highlighted got be laughing here bigly. Let’s just stick to virtual interaction here. You think I trade stocks and ventured into entrepreneur world because I’m ‘hoping’
Anyway, make we just keep quiet sha. Goodluck with your NSE market. Wake me up, when we have a govt that encourage investment
All people like you know how to do is just complain. Be sleeping there while Oyinbo man take position