The Nigerian National Petroleum Company Limited is considering selling between 5 per cent and 10 per cent of its equity through an initial public offering. The Group Chief Executive Officer, Bashir Bayo Ojulari, disclosed this in an interview with Reuters on Tuesday. The listing is expected to focus primarily on Nigeria’s domestic capital market. The company could also pursue a secondary listing in London or New York.
Plans to list NNPC have been discussed for years. The Federal Government’s intention dates back to 2016. The Petroleum Industry Act 2021 provided the legal framework for NNPC to operate commercially and eventually offer shares to the public. In 2021, former Group Managing Director Mele Kyari said the company needed to clean up its financial records before considering an IPO. In March 2025, NNPC engaged advisers for IPO readiness. In July 2025, Ojulari outlined a roadmap targeting a listing by 2028. In September 2026, the company said it had no fixed date. The current statement confirms the plan is advancing.
Ojulari said the company expects to spend at least all of 2027 preparing for the offering. The listing is primarily intended to strengthen corporate transparency and governance in line with Nigerian law. Raising additional capital is a secondary consideration. The company is also considering listing some subsidiaries separately, following the model used by Abu Dhabi National Oil Company.
Beyond the IPO, Ojulari said Chinese companies have expressed interest in acquiring equity stakes in NNPC’s smaller refineries. These include the Port Harcourt and Warri facilities. Both require substantial rehabilitation. NNPC would retain at least a 10 per cent ownership interest. The company expects at least one facility to resume production within three years. The Dangote refinery IPO closed on 27 October, following a two-week extension. The NNPC listing would be the next major test of the domestic capital market.
Winners: NNPC, which gains transparency and governance. The Nigerian Exchange, which would host a major listing. Domestic investors, who gain access. The government, which gains a public valuation for its asset. Losers: Critics who see the IPO as delayed. The company, if the listing is postponed again. Foreign exchanges, which may only get a secondary listing. Taxpayers, if the process is poorly managed.
Bottom Line: A 5 to 10 per cent stake. A domestic listing. Preparation through 2027. The IPO is moving. The timeline is long. The governance reforms are the priority. The capital is secondary.