The new Managing Director of Nile Petroleum Corporation has announced plans to invest the company’s shares in the stock market but will first tackle corruption.
The stock market—where buyers and sellers can trade shares of public companies—is one of the financial markets, along with the bond market, commodities market, and derivatives market.
It helps companies raise money to fund operations by selling shares of stock, and it creates and sustains wealth for individual investors.
Nile Pet’s new boss, Engineer Bernard Amour Makeny did not disclose when the company will join the stock market.
“The message is very clear; we need to do what is right for the country. If Nilepet has enough revenue, the economy will not be the way it’s today because we have been missing a lot of revenue because of corruption.”
Eng. Bernard Amour Makeny was appointed early this month as the new Managing Director of Nile Petroleum Corporation by President Salva Kiir replacing Dr. Chol Deng Thon of the Nile Petroleum Corporation.
Engineer Bernard Makeny holds a master’s degree in Oil and Gas Management from the University of Liverpool, UK.
NilePet was incorporated on June 1, 2009, by the Ministry of Legal Affairs and Constitutional Development of South Sudan incorporated NILEPET as a state-owned National Oil and Gas Company of South Sudan under the 2003 New Sudan Companies Act.