NNPC to join hands with NGX on financing options to develop capital

The Nigerian National Petroleum Corporation (NNPC) has expressed its desire to partner with the Nigerian Exchange (NGX) Limited on exploring several financing options in the capital market for the corporation.

This is coming after NNPC announced plans to get listed in the capital market and sell its shares to the public following the recent signing of the Petroleum Industry Act (PIA) by President Muhammadu Buhari.

According to NAN, this disclosure was made by the Group Managing Director of NNPC, Mr Mele Kyari, while receiving the NGX team, led by its Chairman, Alhaji Abubakar Mahmoud.

Kyari in his statement said, “The recent signing of the Petroleum Industry Act has opened up unique opportunities to create value for our shareholders. As such, there will be the need to access capital to build on our positioning as the largest corporation in Africa and expand capacity.

“We will, therefore, be pleased to collaborate with NGX on the short-term and long-term financing options available in the market and I must thank you for taking the time to visit us today to take this conversation further.’’

While speaking at the occasion, Mahmoud congratulated NNPC on the successful signing of the PIA which he is confident would transform the oil sector and open up opportunities for both NNPC and NGX.

He said, ”As an Exchange, we are always interested in developing strong relations with notable institutions such as NNPC, and we are quite delighted at some of the recent developments we have seen.

“We would, therefore, like to congratulate you on the successful signing of the Petroleum Industry Act which we are confident will transform the sector and in turn, open up opportunities for both NGX and NNPC to explore going forward.”

On his part, the Chief Executive Officer of NGX, Mr Temi Popoola, praised the management of NNPC for its remarkable efforts at improving transparency, accountability and performance in the corporation.