NNPC open to collaborating with NGX on financing opportunities

Nigerian National Petroleum Corporation (NNPC) has expressed its willingness to collaborate with Nigerian Exchange (NGX) Limited on financing options in the near term. This was indicated during a courtesy visit from the Management of NGX to NNPC led by the Chairman, NGX, Mr. Abubakar Balarabe Mahmoud, SAN, OON on Tuesday, 7 September 2021.

Mr. Mahmoud stated, “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, NGX, Mr. Temi Popoola, CFA, lauded the management of NNPC for the remarkable efforts at improving transparency, accountability and performance at the NNPC. He went further to say, “Today, we are delighted to have the opportunity to explore several capital market related financing topics with the NNPC including a potential listing on the exchange. An NNPC listing will have tremendous positive benefits for the Nigerian capital markets and will go a long way in deepening the current transformation that is occurring at the NNPC. Furthermore, the capital markets present a credible opportunity for the NNPC to meet its short and long term financing plans. NGX, working with other stakeholders, is keen to facilitate this.”

The Group Managing Director, NNPC, Mr. Mele Kolo Kyari also commented at the meeting, saying, “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.”

NGX continues to provide a platform for private and public enterprises to raise capital to support their business objectives. In 2021, NGX has raised over N6.71Tn in financing across fixed income and equity asset classes and shows no signs of slowing down.