The Nigerian National Petroleum Company Limited has failed to meet the deadline for the start of its initial public offering.
The national oil company’s quarterly report, published on Monday, stated that the company missed the deadline for its initial public offering.
The company became a commercial venture on July 19, 2022, following the Petroleum Industry Act. The group CEO of NNPC, Mele Kyari, had previously announced that the company would be ready to launch an IPO by mid-year in 2023 during a transition ceremony.
An IPO is a public offering where a company sells shares to institutional investors. The NNPC was expected to be ready for an IPO by the end of the second quarter, according to the quarterly report. However, it is now the third quarter, and no IPO has been launched yet.
“NNPC Ltd is making a deliberate effort to properly clean up its books towards recapitalisation,” the report reads.
“The PIA provides that NNPC Ltd will be in a…