Tinubu: NNPC Will Be Reformed, Listed On NGX
President Bola Tinubu has said the Nigerian National Petroleum Company Limited (NNPC Ltd) will be reformed and eventually listed on the Nigerian Exchange (NGX).
Tinubu disclosed this on Friday when he received the board and management of the Nigerian Exchange Group (NGX Group) at the State House.
The NGX delegation was led by the group’s chairman, Umaru Kwairanga, and its Group Managing Director and Chief Executive Officer, Temi Popoola.
Speaking during the meeting, Tinubu said the government remained committed to reforms aimed at strengthening Nigeria’s economy and improving the performance of key state-owned enterprises.
“The NNPC will be reformed and listed in the capital market,” the President said.
Tinubu said positive assessments from economic experts and encouraging economic indicators showed that the country was moving towards a more promising economic future.
The President’s statement comes weeks after the Group Chief Executive Officer of NNPC Ltd, Bayo Ojulari, disclosed that the national oil company had a roadmap to list on the stock exchange by 2028.
Ojulari had said on July 12 that NNPC was making considerable progress towards creating a stable and secure business environment, adding that collaboration among industry stakeholders would support the transformation of the national oil company into a limited liability company.
“With collaborations of our industry players, we will be the catalyst in the transformation of the national oil company to a limited liability company,” Ojulari had said.
He added, “We have a roadmap to be listed by 2028.”
Also speaking during the NGX delegation’s visit, the Executive Chairman of the Nigeria Revenue Service, Zacch Adedeji, said the removal of the petrol subsidy had laid the foundation for addressing economic distortions that had affected the country for decades.
Adedeji said the decision to remove the subsidy shortly after Tinubu assumed office was fundamental to the economic changes being witnessed in the country.
He described the policy as the “bedrock, background, and fundamental” of the reforms currently taking place.
The proposed listing of NNPC Ltd on the capital market is expected to further deepen participation in the company and subject it to the broader requirements and opportunities associated with the Nigerian capital market.