The Nigerian National Petroleum Company Limited is considering selling between five and 10 per cent of its equity through an initial public offering, with a possible secondary listing on the London or New York stock exchanges.
The Group Chief Executive Officer, Bashir Bayo Ojulari, disclosed this in an interview with Reuters on Tuesday, saying the proposed offer would focus mainly on Nigeria’s domestic capital market. He added that international listings could follow.
Ojulari said the plan would allow Nigerians to own shares in the national oil company without the Federal Government losing operational control. However, the offer is not expected immediately, as preparations could take at least the whole of 2027.
He explained that the main objective was to strengthen transparency and corporate governance, while raising capital would be a secondary consideration. The company is also working to address gaps in financial reporting and governance identified during its IPO readiness assessment.
NNPC had earlier announced plans to list on the Nigerian Exchange, with a roadmap targeting 2028. However, Ojulari said in September 2026 that no date had been fixed and that the final decision would rest with the company’s shareholders.
The proposed listing is anchored in the Petroleum Industry Act 2021, which transformed the former Nigerian National Petroleum Corporation into a commercially driven company in July 2022. The law requires NNPC Limited to operate profitably, declare dividends and retain 20 per cent of its profits for business growth.
The IPO discussions have gained momentum following strong investor demand for Dangote Petroleum Refinery’s recent share offer, which attracted orders worth about ₦6.4tn. NNPC also reported a profit after tax of ₦7.2tn in 2025, up 33 per cent from ₦5.4tn in 2024, although its revenue fell by 24 per cent to ₦34.5tn.
