The Group Managing Director of the Nigerian National Petroleum Corporation, Mele Kyari, has said that the earliest the corporation can issue its Initial Public Offer to investors is in the next three years.
The NNPC boss disclosed this on Monday during an interview on Bloomberg TV Global Financial News monitored by our correspondent. The announcement is one of the outcomes of the Petroleum Industry Act recently signed on the state-owned corporation in the global market.
Speaking on the impact of the PIA on the NNPC, Kyari said the corporation would now be operated in line with the Companies and Allied Act.
It was reported last week that the corporation declared a profit of N287bn in 2020, the first time the oil giant declared in 44 years. Kyari had stated the profit fell far below the NNPC’s potential.
On the development, the GMD said, “Obviously this company is changing very fast and on the fast lane. We just declared profit for the fiscal year 2020.”
