The group managing director of the Nigerian National Petroleum Corporation, Mele Kyari, on Thursday said there would be no more losses from the national oil company and it may embark on an initial public offering after its posted its first profit in its 44-year history.
Legislation signed by President Muhammadu Buhari this month enables the Nigerian National Petroleum Corp. to offer shares to the public, Managing Director Mele Kyari said at a briefing Thursday in the capital, Abuja.
The company would draw on the experience of Saudi Aramco, which listed in 2019, he said.
“There is no date on it, but there is a possibility of doing this,” Kyari said. “Obviously because you have made profit today doesn’t mean you are ready for IPO. It is a very, very long, tedious process.”