The Nigerian National Petroleum Company Limited (NNPC) is considering selling between five and 10 per cent of its equity to investors through an initial public offering (IPO), with a possible secondary listing on the London or New York stock exchanges.
The proposed share sale is expected to focus primarily on Nigeria’s domestic capital market, potentially giving Nigerians an opportunity to own shares in the national oil company without the Federal Government relinquishing operational control.
The Group Chief Executive Officer of NNPC Limited, Bashir Bayo Ojulari, disclosed this in an interview with Reuters on Tuesday, noting that international listings could follow the domestic offering.
He said the primary objective of the proposed IPO was to strengthen transparency and corporate governance, while raising capital would be a secondary consideration.
However, the offering is not expected immediately, as preparations could take at least the whole of next year.
The proposed listing comes as NNPC works to address financial reporting and corporate governance gaps identified during its IPO readiness assessment.
The company had previously outlined plans to list on the Nigerian Exchange, with Ojulari indicating in July 2025 that it had a roadmap targeting 2028.
Read Also: cement-makers-record-n5-79tn-revenue-as-building-costs-soar
However, in September 2026, he said no listing date had been fixed, stressing that the final decision rested with the company’s shareholders.
Last month, Ojulari disclosed that NNPC had completed a baseline assessment of its readiness for the public offer and was working with advisers to address identified shortcomings, particularly in financial reporting and corporate governance.
The proposed equity sale is backed by the Petroleum Industry Act 2021, which transformed the former Nigerian National Petroleum Corporation into a commercially driven limited liability company in July 2022.
The law requires NNPC to operate profitably without relying on government funding, pay dividends to shareholders, and retain 20 per cent of its profits to support business growth.
The IPO discussions have also gained momentum following the recent public share offer by Dangote Petroleum Refinery, which attracted orders worth approximately N6.4 trillion, or $4.78 billion, from Nigerian retail and institutional investors.
The demand was nearly three times the refinery’s targeted offer of about $1.6 billion, highlighting investor appetite for major energy businesses in the domestic market.
NNPC is also approaching the proposed listing with improved profitability. Its 2025 audited financial results showed that profit after tax increased by 33 per cent to N7.2 trillion from N5.4 trillion in 2024.
However, revenue declined by 24 per cent to N34.5 trillion from N45.1 trillion recorded in the previous year, while the company declared a dividend of N5.8 trillion.
Although the proposed five to 10 per cent stake sale provides a clearer picture of NNPC’s potential ownership structure, the company has yet to announce a formal IPO timetable or valuation.
