State-owned Nigerian National Petroleum Company (NNPC) plans to launch an initial public offer (IPO) soon, said Group Chief Executive Officer Mele Kyari.
  
” As a company that is guided under the regulations of the Companies and Allied Matters Act, the NNPC will declare its shares to the public for acquisition very soon,” the state-run News Agency of Nigeria (NAN) reported citing Kyari.

“We will pay taxes; we will pay royalties like anyone; we will also pay dividends to our shareholders,” he added.
 
Kyari said the removal of fuel subsidies has ensured positive change in the sector by freeing up capital to power the sustainable energy supply.
 
The company is planning an expansion of its liquefaction capacity and enabling the availability of LPG as a cooking fuel and CNG as an alternative fuel for automobiles.
 
Last month Reuters reported that NNPC will wind down crude swap contracts with traders and pay cash for gasoline imports.

The move is part of new President Bola Tinubu’s plans to deregulate the gasoline market and reduce the burden on government finances.

(Editing by Seban Scaria seban.scaria@lseg.com)