LAGOS, Oct 15 – Nigeria’s state-owned oil company, Nigerian National Petroleum Company Limited (NNPC Ltd.), is advancing preparations for a potential initial public offering as it works to address financial reporting and corporate governance gaps identified during an assessment of its readiness for a capital market listing.
Group Chief Executive Officer Bayo Bashir Ojulari disclosed the progress in an interview with Bloomberg on October 13, saying the company had completed a baseline assessment and was implementing measures to meet the requirements for a public offering.
“We’ve done the baseline assessment,” Ojulari said, adding that NNPC was taking steps “to be IPO ready as soon as possible.”
However, the company’s broad operating structure presents additional challenges. Unlike a standalone refining business, NNPC has interests spanning crude oil exploration and production, pipelines, refining, trading and petroleum distribution.
Ojulari said some parts of the business might not be suitable for inclusion in a public offering in their current form.
“There are some things that cannot even be IPOed,” he said.
The company must therefore determine whether certain operations should be consolidated, reorganised or divested as part of the preparation process.
These decisions will help shape the structure and scope of any eventual listing, although NNPC has not announced a definitive IPO date.
Portfolio Restructuring and Joint Venture Investments
Alongside its listing preparations, NNPC is reviewing its investments in joint ventures with domestic and international oil companies, including the possibility of selling up to 30% of its stakes in selected ventures.
Ojulari indicated that a decision could be reached in early 2027 as the company evaluates proposals from existing partners and prospective foreign investors.
The proposed transactions could provide additional funding and bring technical expertise into the ventures, while allowing NNPC to reassess how it allocates capital across its portfolio.
The review reflects a broader effort to improve the company’s commercial operations and position its assets to attract investment. The extent of any stake sales, however, will depend on the outcome of the ongoing assessments and negotiations.
A Public Listing Years in the Making
NNPC’s IPO plans follow its transition into a commercially oriented company under Nigeria’s Petroleum Industry Act of 2021, which established the legal framework for its incorporation as a limited liability company.
In March 2025, Chief Finance and Investor Relations Officer Olugbenga Oluwaniyi said the company was in the advanced stages of preparing for a potential listing and had begun selecting advisers. NNPC subsequently undertook an IPO-readiness exercise covering investor relations, investment banking and advisory services.
In August 2026, President Bola Tinubu indicated that his administration’s economic reform programme could eventually include a listing of NNPC shares on the Nigerian Exchange, potentially opening ownership to Nigerian and international investors.
However, NNPC clarified in September that it had not set a listing date and that the final decision rested with its shareholders.
The latest disclosure suggests that preparations remain focused on addressing the operational, financial and governance requirements that would underpin a public offering rather than moving immediately toward a launch.
Dangote Refinery Extends Its IPO
NNPC’s preparations are unfolding alongside the ongoing public offering by Dangote Petroleum Refinery and Petrochemicals FZE, which extended its $1.6 billion IPO subscription period by two weeks, moving the deadline from October 13 to October 27 following approval from the Securities and Exchange Commission.
The two potential listings represent different corporate structures and investment propositions. Dangote’s offering centres on a refining business, while NNPC’s diversified portfolio would require decisions about which assets and operations could be included in a public listing.
For Nigeria’s capital market, an eventual NNPC IPO could create a major new investment opportunity. Its timing and structure will depend on the company’s progress in closing identified readiness gaps and on shareholder approval.
