By Peter Omopo
President Bola Ahmed Tinubu has indicated that the ongoing reforms at the Nigerian National Petroleum Company Limited (NNPC Ltd.) are designed to position the national oil company for a future full listing on the Nigerian Exchange (NGX).
The President made the disclosure during a meeting with officials of the Nigerian Exchange Group and members of his economic team, stating that the administration’s reform agenda extends beyond restructuring selected aspects of the company to transforming NNPC Ltd. into a fully listed enterprise.
Tinubu said the government is drawing lessons from the operations of leading global national oil companies, including Saudi Aramco, as part of efforts to strengthen Nigeria’s oil and gas sector and improve the performance of NNPC Ltd.
According to the President, the long term objective is to reform the company comprehensively, making it suitable for listing in its entirety on the Nigerian Exchange rather than listing only individual subsidiaries or business units.
He noted that the planned transformation forms part of broader efforts to promote transparency, efficiency, competitiveness and value creation within the nation’s petroleum industry.
Tinubu also commended members of his economic team, the National Revenue Service and other stakeholders for their contributions to the ongoing economic reform programme.
The President reaffirmed his commitment to supporting policies aimed at strengthening Nigeria’s economy, assuring stakeholders that his administration would continue to provide the necessary backing to drive sustainable economic growth and institutional reforms.
A full listing of NNPC Ltd. on the Nigerian Exchange, if eventually implemented, is expected to mark a significant milestone in Nigeria’s petroleum sector by broadening public participation, enhancing corporate governance and increasing transparency in the operations of the national oil company.
