Nigeria NOC to list on stock exchange: report

The Nigerian NOC will list 40% of shares on the Nigerian Stock Exchange in five to 10 years, local media reported over the weekend.

Group managing director Maikanti Baru said the Petroleum Industry Governance Bill (PIGB) would require the Nigerian National Petroleum Corporation (NNPC) to be commercially driven, prompting the need to raise money from the stock market, The Nation reported.

National Petroleum Investment Management Services group general director Rowland Ewubare said the PIGB called for the establishment of the Nigerian Petroleum Assets Management Company and the Nigerian Petroleum Company (NPC) taking over certain assets and liabilities of the NNPC. Initially, the Ministry of Petroleum is to hold 40% of the NPC, the Ministry of Finance 40% and the Bureau of Public Enterprises 20%. 

“However, 10% and an additional 30% of the shares of the company shall be floated on the Nigerian Stock Exchange between five years and 10 years from incorporation respectively,” he added, speaking at annual conference of the Association of Energy Correspondents of Nigeria.