The Nigerian National Petroleum Company Limited (NNPC Ltd.) is considering selling between 5% and 10% of its shares to the public through a proposed initial public offering (IPO), with the Nigerian capital market expected to be the primary listing destination.
The company may also explore a secondary listing in London or New York, according to its Group Chief Executive Officer, Bashir Bayo Ojulari, who disclosed the plans in an interview with Reuters on Tuesday, November 3, 2026.
The disclosure comes shortly after the Dangote Petroleum Refinery concluded its IPO subscription on October 27, following a two-week extension from the original October 13 closing date.
NNPC is expected to devote much of 2027 to preparing for the proposed share sale, with the primary objective of strengthening transparency and corporate governance rather than raising fresh capital.
Ojulari explained that access to additional funding would be a secondary benefit of the IPO, while improving the company’s governance structure and meeting the requirements of Nigerian law would remain the main priorities.
The company is also considering listing some of its subsidiaries independently, following the approach adopted by the Abu Dhabi National Oil Company (ADNOC), the United Arab Emirates’ state-owned oil company.
Beyond the proposed public offering, Ojulari revealed that Chinese investors have expressed interest in acquiring stakes in some of NNPC’s smaller refineries, particularly the Port Harcourt and Warri facilities, both of which require significant rehabilitation.
Under the proposed arrangement, NNPC would retain at least 10% ownership in the facilities. The company is also hopeful that at least one of the refineries will resume production within the next three years.
The proposed IPO represents another step in a process that has been under consideration for several years but has faced repeated delays due to institutional and financial restructuring.
The Federal Government first indicated its intention to list the national oil company in 2016. The Petroleum Industry Act (PIA) 2021 subsequently provided the legal framework for NNPC to operate as a commercial entity and eventually offer shares to the public.
In September 2021, former Group Managing Director, Mele Kyari, said the company needed to clean up its financial records, recapitalise and restructure its business portfolio before pursuing an IPO.
By March 2025, NNPC had taken further steps towards the proposed listing by engaging advisers for investor relations, IPO readiness and investment banking services.
The proposed listing has also received backing from the Federal Government. On October 19, Finance Minister Taiwo Oyedele reiterated the government’s position that strategic state-owned assets, including NNPC and Nigeria LNG Limited (NLNG), should be listed to promote transparency and create opportunities for wealth generation.
