The Media loving Minister for Petroleum today told reporters in Abu Dhabi that the NNPC will have its first initial public offering (IPO) in 2018 according to reports from Bloomberg. The government had revealed it had plans to break up the NNPC and then list on the Nigerian stock exchange.
“It’s inevitable,” Kachikwu, who also heads the Nigerian National Petroleum, said on Tuesday in an interview in Abu Dhabi. “Part of the cleaning up process that we’re doing is to prepare for that.”
Bloomberg further reports that the NNPC will be selling shares in its downstream asset comprising its refining and distribution business and select exploration and production assets to the public.
The Minister was also widely reported to have revealed the intention of members of OPEC to have an emergency meeting in response to the slide in the price of oil. Ibe Kachikwu is one of the most active and vocal member of President Buhari’s cabinet and is quoted nearly every other week in the media.
