NNPC Limited

Passed last year, the Petroleum Industry Act (PIA) provides that ownership of NNPC shares will be vested in the government upon incorporation and held by the ...

[Companies and Allied Act](https://nnn.ng/will-states-lose-out-as-nnpc-positions-for-ipo/#Companies and Allied Act) [Stabilization Fund](https://nnn.ng/will-states-lose-out-as-nnpc-positions-for-ipo/#Stabilization Fund) [NSIA Act](https://nnn.ng/will-states-lose-out-as-nnpc-positions-for-ipo/#NSIA Act) [Governors Forum](https://nnn.ng/will-states-lose-out-as-nnpc-positions-for-ipo/#Governors Forum) . [](https://nnn.ng/#:~:text=using blogger outreach) [Petroleum Industry Act](https://nnn.ng/will-states-lose-out-as-nnpc-positions-for-ipo/#Petroleum Industry Act) [IPO](https://nnn.ng/tag/ipo/)), he said: “Whether [NNPCL](https://nnn.ng/tag/nnpcl/)‘s proposed initial public offering will yield any direct benefit to state governments will largely depend on the structure of the public offering. They recommended that since the corporation is owned by all three levels of government, the newly incorporated entity (NNPC Limited) should be owned by a vehicle that “owns the interest of all three levels of government.” [Nigerian Sovereign Investment Authority](https://nnn.ng/will-states-lose-out-as-nnpc-positions-for-ipo/#Nigerian Sovereign Investment Authority) [](https://nnn.ng/hausa/#=rariyahausacom) [](https://nnn.ng/i/#=link shortner bitly) “In any case, any proceeds or proceeds from the sale of NNPC shares and other sources must be remitted to the Federation’s account. But lawmakers decided to scrap this strategy. Many stakeholders have praised the NSIA’s ownership structure. [PIA](https://nnn.ng/tag/pia/)) provides that ownership of NNPC shares will be vested in the government upon incorporation and held by the Ministry of [Finance Incorporated](https://nnn.ng/tag/finance-incorporated/) ( MoFI) and the Ministry of [Petroleum Incorporated](https://nnn.ng/tag/petroleum-incorporated/) (MoPI) in equal shares.