Nigeria acts for oil IPO

Nigerian President Muhammadu Buhari said Sunday he had appointed a board for state-oil firm NNPC and ordered it incorporated within six months, which could let it sell shares.

Buhari, who doubles as petroleum minister, signed an oil bill into law last month that has been in the works for nearly two decades, aiming to overhaul the sector and turn the state-owned oil company into a private firm.

The new oil law requires NNPC to be incorporated within six months,

NNPC’s CEO says it could consider an initial public offering within three years.