Emmanuel OchayiMele Kyari, the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC), announced on Wednesday during the 2024 CERAWEEK in Houston, United States, that the long-awaited public listing of NNPC’s shares would soon commence, in line with the provisions of the Petroleum Industry Act (PIA).
In a fireside chat at the event, Kyari emphasized the transformative impact of the PIA on NNPC, stating that the company had evolved from a government-owned corporation to a commercial, profit-oriented entity.
He remarked, “Today, the shareholders are largely the overall population of the country, very understandable, but it’s transiting to a situation where you can have other people owning an interest in the company.”
Kyari highlighted the significance of NNPC’s transition to a profit-making company, stressing that it signaled a shift towards a more sustainable and value-driven business model. “This is not a money-losing business, and the oil and gas industry in Nigeria has matured to the extent that any company operating, not just us, can break even and make benefits,” he asserted.
Regarding the anticipated timeline for NNPC’s listing, Kyari referenced the PIA, which anticipates three years from the incorporation of the company. He indicated that the process was within sight, reaffirming NNPC’s commitment to comply with the legal framework and facilitate broader ownership of its shares.
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Moreover, NNPC’s Executive Vice President, Upstream, Mrs. Oritsemeyiwa Eyesan, reiterated the company’s dedication to leveraging Nigeria’s abundant gas resources for industrialization and economic development.
She emphasized NNPC’s strategic focus on gas utilization, emission reduction, and gas flare-out initiatives, underscoring the importance of collaboration among African countries to ensure equitable distribution of energy resources within the sub-region.
Eyesan emphasized, “Our focus is how do we move from predominantly oil player to gas player and not just for gas for the sake of it, but gas for power generation and industrialization.”
The NNPC’s commitment to harnessing gas resources for sustainable development aligns with broader efforts to address energy poverty and promote energy transition across Sub-Saharan Africa. As NNPC continues to advance its upstream strategies, collaboration, and strategic partnerships remain integral to achieving inclusive and sustainable energy development goals within the region.
