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‘NGX open to collaborating with NNPC on financing opportunities’

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

It gave this indication during a courtesy visit of the NGX management to NNPC led by its Chairman, Abubakar Balarabe Mahmoud, recently in Lagos.

Mahmoud stated that as an exchange, the NGX is always interested in developing strong relations with notable institutions such as NNPC, adding that it was pleased with some of the recent developments it has 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”. He said.

Also speaking, the Chief Executive Officer, NGX, Temi Popoola, lauded the management of NNPC for the remarkable efforts at improving transparency, accountability and performance at the NNPC.  Popoola further noted that a potential listing of the NNPC on the nation’s bourse will have tremendous positive benefits for the Nigerian capital market and will go a long way in deepening the current transformation that is occurring at the NNPC.

According to him, “the capital market presents 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.”

Also commenting, Group Managing Director of NNPC, Mele Kyari, said the recent signing of the Petroleum Industry Act has opened unique opportunities to create value for shareholders.

SOURCE: THE SUN

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