Nigerian National Petroleum Corporation group managing director Mele Kyari has said that there would be no more losses from the national oil company and it may embark on an initial public offering after it posted its first profit in 44-year history, Arab News reported.

Legislation signed by President Muhammadu Buhari this month enables the Nigerian National Petroleum Corp to offer shares to the public, Kyari said at a briefing in the capital, Abuja.

The company would draw on the experience of Saudi Aramco, which listed in 2019, he said.

“There is no date on it, but there is a possibility of doing this,” Kyari said. “Obviously, because you have made profit today doesn’t mean you are ready for IPO [initial public offering]. It is a very, very long, tedious process,” he added.