to outsmart the volatility in the oil and gas industry, the Nigerian National Petroleum Corporation remains unprepared to list on the Nigeria Stock Exchange despite entering the mode three years ago.
Just recently, Saudi Arabia’s Saudi Aramco got listed on Tadawul- Saudi Arabia’s stock market with an initial public offering valued at about $2t. However, the move may never happen unless the Federal Government takes strategic and timely decisions on issues bedeviling the corporation. A visit by The Guardian to the firm along with key stakeholders from Nigeria earlier this year showed a workforce hired from across the world, including Nigerians in some key positions. Its operations were fully automated, and unlike Nigeria, projections as much as 20 years were known, while financial and operational records were audited on time and open with hedged risk.
George-Ikoli said: “The hope is that the PIB anticipated in the first quarter of next year would propose a national oil company that could grow to be as profitable as other national petroleum companies.” Usen noted that investment into the company must be made in cutting-edge, with the technology used to drive down the cost of production.
Source: News Formal (newsformal.com)
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