President Bola Tinubu has reaffirmed plans to reform the Nigerian National Petroleum Company (NNPC) Limited and list it on the capital market.
The president made the announcement on Friday while receiving the board and management of the Nigerian Exchange (NGX) Group at the State House. The delegation was led by NGX Group Chairman Umaru Kwairanga and Group Managing Director/Chief Executive Officer Temi Popoola.
Speaking during the meeting, Tinubu said, “The NNPC will be reformed and listed on the capital market.”
He added that positive assessments from economic experts and improving economic indicators point to a brighter outlook for Nigeria and its citizens.
Tinubu’s remarks come weeks after NNPC Group Chief Executive Officer Bayo Ojulari disclosed that the national oil company is targeting a stock market listing by 2028.
Speaking on July 12, Ojulari said the company had developed a clear roadmap to achieve the listing.
“With the collaboration of industry players, we will be the catalyst in the transformation of the national oil company into a limited liability company,” he said.
“We have a roadmap to be listed by 2028.”
Ojulari also said the NNPC had made considerable progress in creating a more stable and secure business environment.
Also speaking during the visit, Zacch Adedeji, Executive Chairman of the Nigeria Revenue Service (NRS), said the removal of the petrol subsidy marked a turning point in addressing economic distortions that had persisted for four decades.
According to Adedeji, President Tinubu’s decision to remove the subsidy less than an hour after taking the oath of office laid the foundation for the economic reforms now being implemented.
“The courage to remove it in less than one hour after the president took the oath of office is the bedrock, background, and foundation of the changes we are seeing,” he said.
