The Nigerian National Petroleum Company Limited is considering selling up to 10 per cent of its shares through an initial public offering on the Nigerian stock market, with plans for a possible secondary listing in London or New York.
The Group Chief Executive Officer of NNPC, Bayo Ojulari, disclosed this on Tuesday during an interview with Reuters on the sidelines of the 2026 Abu Dhabi International Petroleum Exhibition and Conference in the United Arab Emirates.
Ojulari said the company was considering floating between five and 10 per cent of its shares locally before pursuing a possible international listing.
He explained that the proposed listing was primarily aimed at improving transparency and strengthening corporate governance, while raising funds would be a secondary consideration.
According to him, preparations for the potential public offering could take up the whole of 2027.
Ojulari also indicated that NNPC could pursue separate listings for some of its subsidiaries, adopting a model similar to that of the United Arab Emirates’ state-owned oil company, ADNOC.
The proposed IPO represents a significant step in the Federal Government’s efforts to reposition NNPC as a commercially driven and more transparent national energy company.
In July 2025, Ojulari announced that the company planned to list on the stock exchange by 2028.
However, on September 29, he clarified that no date had been fixed for the IPO, stressing that the final decision rested with the company’s shareholders.
He subsequently disclosed on October 14 that NNPC was making progress towards its proposed listing on the Nigerian Exchange.
Meanwhile, Ojulari said the company was also exploring fresh investment partnerships to revive some of Nigeria’s struggling state-owned refineries.
He disclosed that Chinese companies had expressed interest in acquiring equity stakes in some of the smaller refineries requiring major rehabilitation, including the Port Harcourt and Warri refineries.
Rather than limiting their involvement to construction and repair contracts, the proposed arrangement would allow the investors to take equity positions in the facilities.
Ojulari said NNPC was prepared to surrender as much equity as necessary to secure sustainable, long-term partnerships capable of restoring the refineries to production.
He expressed optimism that at least one of the smaller refineries would resume operations within the next three years.
The development comes amid renewed efforts by NNPC to attract private investment, improve operational efficiency and strengthen Nigeria’s domestic refining capacity.
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