NNPC Moves Closer to Public Listing, Reviews Governance Structure
The Nigerian National Petroleum Company Limited (NNPC) is stepping up preparations for a potential public listing, with reforms to its reporting structures and corporate governance framework identified as key requirements before the state-owned oil firm can access the capital market.
The Group Chief Executive Officer of NNPC, Bayo Bashir Ojulari, disclosed that the company had completed a baseline assessment and was working to address gaps identified by its advisers, according to Bloomberg in a report published on October 14.
Speaking in an interview on Tuesday, Ojulari said the assessment had helped the company identify areas requiring improvement ahead of its planned transition towards the capital market.
“We’ve done the baseline assessment,” he said, adding that the company was working to close the identified gaps, including changes to some reporting structures and governance frameworks.
The proposed reforms form part of the steps NNPC must take to strengthen its corporate structures and meet the requirements associated with a public listing.
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