African oil company files for an IPO

According to an analyst, the move is a new tactic to make Nigeria the ideal location for investors in the energy sector on the continent.

The government, according to Nigerian National Petroleum Company Limited’s Chief Executive Officer Mele Kyari, supports the company’s choice to sell its shares in an initial public offering (IPO) to investors on Tuesday.

Kyari stated that the IPO will open “very soon,” without offering a particular date, and that the national enterprise (NNPC) is positioned itself to change the commercial landscape for sustainable energy supply.

According to oil and gas analyst Charles Ibiang, most Nigerians have welcomed the step, which shows that the continent’s largest oil and gas corporation has decided to become a more market-focused operator in the energy sector.

“We’re pleased with what Mele Kyari and his team have accomplished…We see this as a fresh approach to maintaining Nigeria’s oil and gas industry as a top choice for investors and investment in Africa, according to Ibiang.