The Nigerian National Petroleum Company (NNPC) Limited is considering offering between five and 10 per cent of its shares to the public through a domestic initial public offering (IPO), with plans for a possible secondary listing in London or New York.
According to Cable News, the Group Chief Executive Officer (GCEO), Bayo Ojulari, disclosed this on Tuesday in an interview with Reuters on the sidelines of the 2026 Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) in Abu Dhabi, United Arab Emirates.
Ojulari said the company was also considering listing some of its subsidiaries, following a model similar to that adopted by the Abu Dhabi National Oil Company (ADNOC), the UAE’s state-owned oil giant.
According to him, preparations for a potential public listing could take up the whole of next year, with the primary objective being to strengthen transparency and corporate governance in line with Nigerian law. Raising capital, he stressed, would be a secondary consideration.
The latest disclosure provides further insight into the company’s proposed transition towards public ownership, following several indications by its management that an IPO was being considered.
In July 2025, Ojulari said NNPC planned to list on the stock exchange by 2028.
However, on September 29, he clarified that the company had yet to establish a specific date for the IPO, noting that the final decision rested with its shareholders.
On October 14, he also said the company was making progress towards a public listing on the Nigerian Exchange (NGX).
Beyond its proposed stock market debut, NNPC is also seeking strategic private-sector partnerships to revive some of Nigeria’s underperforming refineries.
In February, Ojulari disclosed that the company was discussing a potential partnership with a Chinese firm involving one of the state-owned refineries, while further revealing that Chinese companies had expressed interest in acquiring equity stakes in some of the smaller refineries requiring substantial rehabilitation, including those in Port Harcourt and Warri.
Rather than restricting their involvement to construction and repair contracts, the prospective investors are reportedly considering equity participation as part of longer-term commercial arrangements.
Ojulari said he expected at least one of the smaller refineries to resume production within the next three years, adding that NNPC was prepared to surrender as much equity as necessary to secure sustainable, long-term partnerships.
