NNPC Warns Investors Against Scammers as It Announces Plan to Sell Company’s Share
- The Nigerian National Petroleum Company Limited issued a warning about scammers posing as the company, targeting foreign businesses and investors
- The warning, issued by NNPCL's Chief Corporate Communications Officer, Mr. Olufemi Soneye, urges the public to be cautious and report any fraudulent activities
- NNPCL emphasised that all legitimate engagements occur strictly through official channels and business units associated with the company
Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.
The Nigerian National Petroleum Company Limited (NNPCL) has warned foreign businesses and investors to be wary of scammers posing as the company.
Source: UGC
The warning was sent out in an Abuja notice by Mr. Olufemi Soneye, its Chief Corporate Communications Officer.
The notice reads in part:
“The general public is advised to beware of individuals and companies falsely claiming to represent NNPC Limited. Their tactics include soliciting fees for meetings with NNPC’s board of directors, executives, and management staff. These actions are unauthorised and illegal.
“Foreign investors and international business entities are especially urged to remain cautious. If approached, report the incident to the appropriate authorities immediately.
“All legitimate engagements with NNPC Limited occur strictly through official channels or business units only…
“NNPC Limited remains committed to transparency, integrity, and the protection of our stakeholders in all interactions.
“Let’s work together to prevent scams. Stay alert and share this notice.”
NNPC plans to sell shares to Nigerians
This follows the Nigerian National Petroleum Company Limited (NNPC Ltd.) announcing on Thursday, March 27, 2025, that it is in the final stages of preparing for an initial public offering (IPO), reviving plans to sell shares to investors.
However, The Nation reported that just hours after making the announcement, NNPC Ltd. deleted its social media posts about the planned IPO, raising questions about the timing and certainty of the listing.
In the deleted statement signed by spokesman Olufemi Soneye, Olugbenga Oluwaniyi, NNPC’s Chief Finance and Investor Relations Officer, was revealed to have made the plans known during a consultative meeting with partners at the NNPC Towers in Abuja.
It was also revealed that, as part of regulatory requirements, the company is conducting an “IPO Beauty Parade” to assess potential partners in three key areas: Investor Relations, IPO Readiness Advisory, and Investment Banking.
Oluwaniyi said:
“The company with the best offer in terms of project partnership would be selected for each of the three categories.”
NNPC Ltd. has previously announced plans for an IPO, including in 2018 and 2023, but those efforts did not materialise due to market conditions and internal restructuring challenges.
Source: UGC
The company, which became a commercial entity in 2022 under the Petroleum Industry Act (PIA), is required to list its shares in line with the Companies and Allied Matters Act (CAMA) 1990.
Vanguard reports that analysts say NNPC Ltd. must strengthen its financial position to attract investors by improving transparency, reducing debt, and maintaining positive cash flow.
NNPC acquires 15% shares in company
Legit.ng reported that the Nigerian National Petroleum Company Limited (NNPC), via its subsidiary, NNPC Gas Marketing Limited, has acquired a 15% stake in Starzs Gas’ two million standard cubic feet per compressed natural gas mother station in Ughelu, Delta State.
As part of the partnership, NNPC has agreed to guarantee gas supply to the facility on a competitive pricing model.
It will allow its logo to stand alongside Starzs Gas to show the partnership.
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Source: Legit.ng
