Referred to as a perpetual loss-making entity, the NNPC, unlike other state-owned oil firm recorded losses in the region of N600b from January 2015 to December 2018. Just recently, Saudi Arabia’s Saudi Aramco got listed on Tadawul- Saudi Arabia’s stock market with an initial public offering (IPO) valued at about $2t. We have a long way to go before NNPC can be as profitable as Saudi Aramco,” Okwuosa said. So, what Saudi Aramco is doing is to raise money through public offering and there’s nothing stopping the NNPC from doing that without necessarily losing the operational control. Jaiyeola said: “Saudi Aramco is one of the most profitable firms in the world.

Source: The Guardian December 29, 2019 04:41 UTC