President Bola Ahmed Tinubu says reforms of the state-owned Nigerian National Petroleum Company Limited (NNPCL) will include listing the company on the Nigerian Exchange Limited (NGX). Tinubu made the statement after NGX management visited the Presidential Villa on Thursday. He said the listing is part of the broader restructuring efforts of NNPCL and is tied to the implementation of the Petroleum Industry Act, which he says will help reposition NNPCL and the country’s oil and gas sector. Tinubu described his administration’s target as reforming NNPCL to operate with an effectiveness comparable to Saudi Arabia’s Aramco, adding that the government intends to pursue reforms beyond partial measures. He said the goal is for the “totality” of NNPCL reforms to culminate in the company being listed on the exchange. The President also praised NGX performance, referencing its rise to N158 trillion during his administration’s reforms, and reiterated his call for greater private-sector investment in Nigeria’s economy, citing his support for the Dangote Refinery as an example of this approach.
Tinubu says NNPCL will be listed on NGX as reforms continue
President Bola Ahmed Tinubu says reforms of the state-owned Nigerian National Petroleum Company Limited (NNPCL) will include listing the company on the Nigerian Exchange Limited (NGX). Tinubu made the...
- President Bola Ahmed Tinubu says NNPCL will be listed on the Nigerian Exchange Limited (NGX).
- Tinubu made the comments following a visit by NGX management to the Presidential Villa on Thursday.
- The listing is presented as part of reforms of NNPCL and the implementation of the Petroleum Industry Act.
- Tinubu says his goal is for NNPCL to function like Saudi Arabia’s Aramco.
- Tinubu links the reforms to encouraging private-sector investment, including citing support for Dangote Refinery.
President Bola Ahmed Tinubu has said that as part of the ongoing reforms of the state-owned Nigerian National Petroleum Company Limited, NNPCL, the company will be listed on the Nigerian Exchange Limited, NGX. He disclosed this when the NGX management visited the Presidential Villa on Thursday. According to him, the target of his administration is to make NNPCL function like Saudi Arabia’s Aramco. Tinubu assured that his administration’s reforms and the implementation of the Petroleum Industry Act would reposition NNPCL and the country’s oil and gas sector. “We will do NNPCL reforms to the extent that one day the totality of it, not just arms and legs, the totality of it, will be listed on NGX,” he said. He further hailed the NGX’s surge to N158 trillion amid the reforms under his administration. Tinubu re-emphasised the need for private-sector investors to invest in the Nigerian economy, adding that this was his motivation when he supported Dangote Refinery. “We need to encourage the private sector to invest more in the economy. It’s one of the reasons I backed Dangote, even before I became president,” he added.
4 hours agoPresident Bola Ahmed Tinubu has said that as part of the ongoing reforms of the state-owned Nigerian National Petroleum Company Limited, NNPCL, the company will be listed on the Nigerian Exchange Limited, NGX. He disclosed this when the NGX management visited the Presidential Villa on Thursday. According to him, the target of his administration is to […] NNPCL will be listed on Nigerian Stock market – Tinubu
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