The Nigerian National Petroleum Corporation plans to list 40 per cent of the shares of the Corporation in the Nigerian Stock Exchange when the Petroleum Industry Governance Bill gets Presidential Assent.
This was made known by the Group Managing Director, Nigerian National Petroleum Corporation, Maikanti Baru, at the 2018 annual conference of the Association of Energy Correspondents of Nigeria.
Baru explains that the PIGB will make national oil company commercially driven and raise money from the stock market.
The initial shares will be held by the Ministry of Petroleum Incorporated at 40 per cent, 40 per cent by the Ministry of Finance Incorporated and 20 per cent to be held by the Bureau of Public Enterprises.
But 10 per cent and an additional 30 per cent of the shares of the company will be floated on the NSE between five years and 10 years.