NNPC open to collaboration with NGX on financing opportunities

The Nigerian National Petroleum Corporation (NNPC) has expressed its willingness to collaborate with the Nigerian Exchange (NGX) Limited on financing options.

The Group Managing Director of NNPC, Mr Mele Kyari, made this known while receiving the NGX team, led by its Chairman, Alhaji Abubakar Mahmoud,

Kyari said: “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,” he said.

Responding, Mahmoud said:” 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.”

Also speaking, the Chief Executive Officer, NGX, Mr Temi Popoola, lauded the management of NNPC for the remarkable efforts at improving transparency, accountability and performance in the corporation.

”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,” Popoola said.

NGX, is a leading integrated market infrastructure Group in Africa that provide a platform for private and public enterprises to raise capital to support their business objectives.

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In 2021, NGX raised over N6.71 trillion in financing across fixed income and equity asset classes.