• The Membership Club
  • #EndSARS Dashboard
  • PT Hausa
  • About Us
  • Advert Rates
  • Careers
  • Contact Us
  • Digital Store
Monday, January 30, 2023
Premium Times Nigeria
  • Home
  • Gender
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • News Reports
    • Special Reports and Investigations
      • Health Specials
    • Features and Interviews
    • Multimedia
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Special Reports/Investigations
    • Features and Interviews
    • Multimedia
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects & Partnerships
    • AUN-PT Data Hub
    • #EndSARS Dashboard
    • Parliament Watch
    • #PandoraPapers
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
  • Home
  • Gender
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • News Reports
    • Special Reports and Investigations
      • Health Specials
    • Features and Interviews
    • Multimedia
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Special Reports/Investigations
    • Features and Interviews
    • Multimedia
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects & Partnerships
    • AUN-PT Data Hub
    • #EndSARS Dashboard
    • Parliament Watch
    • #PandoraPapers
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
Premium Times Nigeria
BUA Group Ad BUA Group Ad BUA Group Ad
NNPC

NNPC Towers

NNPC to sell shares to public by 2024

The country is pursuing key reforms in oil and gas through its recently-endorsed Petroleum Industry Bill.

byRonald Adamolekun
September 7, 2021
Reading Time: 2 mins read
0

The Nigerian National Petroleum Corporation (NNPC) will sell its shares for the first time to the public in three years, a path to raising the fund needed to sustain it as a going concern after managing to break a loss-making spell that has run it aground for roughly four decades and a half.

Mele Kyari, the corporation’s head, told Bloomberg in a video chat on Tuesday the Initial Public Offering (IPO) will help Nigeria keep pace with the global energy transition in a bid to unlock its benefits.

“IPO already means this company is going to be profitable,” Mr Kyari said.

“It has a long projectory, it has short term view of how things can be done better to align with best practices in the industry, trying to see how we can latch on the existing framework for energy transition that is ongoing all the world.”

State-owned NNPC last week announced profit in the sum of N287 billion for 2020, its first ever since it was set up in 1970s.

At 206.5 trillion cubic feet, Nigeria’s natural gas reserves are Africa’s biggest just like its crude deposit.

But that has not transformed to prosperity for its over 200 million citizens in a country with one of the steepest unemployment and poverty levels, which have made it a poster child for the resource curse.

The country is pursuing key reforms in oil and gas through its recently-endorsed Petroleum Industry Bill.

Atiku-Okowa AD

A contentious part of the law, a clause which, by interpretation, could bestow the sole right to import refined products on Dangote Refinery, where NNPC is eyeing 20 per cent ownership, has become a sore point that is rankling with oil marketers.

READ ALSO: Buhari announces N287 billion profit by NNPC

Part of the deal between the two is to ensure the corporation supplies at least 300,000 barrels out of the refinery’s 650,000 barrels per day oil needs.

“In the long run, this is going to be a great company and great companies always go for IPO.”

But there concerns that Nigeria’s deep-seated dependence on hydrocarbons and NNPC’s large-scale reforms to drive oil exploration and refining could set the country at the back of the transition curve towards gas around the world.

NAHCON State AD NAHCON Tour Operator AD NAHCON Cargo Operator AD

Kogi AD

TEXEM Advert

Oil production in Nigeria, which currently battles a raft of insecurity upheavals from insurgency, banditry and kidnapping for ransom, hit a new low last month, touching 1.43 million barrels per day.

Share this:

  • Twitter
  • Facebook
  • WhatsApp
  • Telegram
  • LinkedIn
  • Email
  • Print



Support PREMIUM TIMES' journalism of integrity and credibility

Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.

Donate



TEXT AD: Call Willie - +2348098788999






PT Mag Campaign AD

Previous Post

Nigeria will never break up – Obaseki

Next Post

Despite wife’s objection, court dissolves 15-year-old marriage

Ronald Adamolekun

Ronald Adamolekun

More News

President Muhammadu Buhari in Kano

Nigerians feed well, have high-rise buildings but don’t appreciate their country – Buhari

January 30, 2023
Debt Management Office (DMO) boss, Patience Oniha. [PHOTO CREDIT: Official Web page of DMO] Eurobonds

Nigeria’s public debt rose to N44.06trn in Q3 2022

January 30, 2023
BUA Foods

BUA Foods’ annual profit surges by 30% as sales hit N418 billion

January 30, 2023
UBA Global Headquarter [PHOTO CREDIT: United Bank for Africa Plc]

UBA appoints first female CEO for Africa

January 30, 2023
New Naira notes

SSS arrests currency traders selling new naira notes, says banks complicit

January 30, 2023
European Union flags

EU trains 2,404 N/East traditional rulers, women in dispute resolution

January 30, 2023
Leave Comment

Our Digital Network

  • PT Hausa
  • Election Centre
  • Human Trafficking Investigation
  • Centre for Investigative Journalism
  • National Conference
  • Press Attack Tracker
  • PT Academy
  • Dubawa
  • LeaksNG
  • Campus Reporter

Resources

  • Oil & Gas Facts
  • List of Universities in Nigeria
  • LIST: Federal Unity Colleges in Nigeria
  • NYSC Orientation Camps in Nigeria
  • Nigeria’s Federal/States’ Budgets since 2005
  • Malabu Scandal Thread
  • World Cup 2018
  • Panama Papers Game
  • Our Digital Network
  • About Us
  • Resources
  • Projects
  • Data & Infographics
  • DONATE

All content is Copyrighted © 2022 The Premium Times, Nigeria

No Result
View All Result
  • Digital Store
  • Home
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Gender
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Health
    • COVID-19
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Investigations
    • Investigations
    • Interviews
    • Multimedia
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • #EndSARS Dashboard
  • AUN-PT Data Hub
  • Projects
    • Panama Papers
    • Paradise Papers
    • Parliament Watch
    • AGAHRIN
  • Opinion
  • PT Hausa
  • The Membership Club
  • DONATE
  • About Us
  • Advert Rates
  • Dubawa NG
  • Careers
  • Contact Us

All content is Copyrighted © 2022 The Premium Times, Nigeria