NNPC eyes 10% equity sale, London, New York listings

The Group Chief Executive Officer of NNPC Limited, Bashir Bayo Ojulari, during the energy talk titled ‘Nigeria’s Reform Agenda: Competing for Energy Capital’, at the 2026 Abu Dhabi International Petroleum Exhibition and Conference in the United Arab Emirates on Tuesday. CREDIT: NNPC

The Nigerian National Petroleum Company Limited is considering selling between five and 10 per cent of its equity to investors through an initial public offering, with a possible secondary listing on the London or New York stock exchanges.

This move could open the state-owned oil company to public scrutiny and private investment, experts say.

The Group Chief Executive Officer of NNPC Limited, Bashir Bayo Ojulari, disclosed this in an interview with Reuters on Tuesday, saying the proposed share sale would focus primarily on Nigeria’s domestic capital market, while international listings could follow.

He said the company was considering a model that would allow Nigerians to own shares in the national oil company without the Federal Government relinquishing operational control.

However, the proposed offering is not expected to happen immediately, as preparations could take at least the whole of next year.

According to Ojulari, the primary objective of the proposed listing is to improve transparency and corporate governance, while raising capital would be a secondary consideration.

According to the report, “Nigeria’s ‌state oil company NNPC is likely to float a five per cent to 10 per cent stake in an initial public offering, focused primarily on the domestic market, with a potential secondary listing in London or New York. Further listings of NNPC subsidiaries might also take place, echoing moves by the UAE’s state oil firm ADNOC.”

The proposed sale comes as NNPC intensifies efforts to address governance and financial reporting gaps identified during its preparations for a public listing.

The company had earlier indicated that it was working towards listing on the Nigerian Exchange, with Ojulari saying in July 2025 that it had a roadmap to achieve the objective by 2028.

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However, in September 2026, he said no date had been fixed, adding that the final decision rested with the company’s shareholders.

At the time, he said, “We don’t have a date, but we are working hard to make sure we are ready as soon as we can. The decision to take an IPO is not ours. It’s the shareholders that will take that decision ultimately on behalf of the country.”

Last month, Ojulari disclosed that the company had completed a baseline assessment of its readiness for the IPO and was addressing gaps identified by its advisers, particularly in financial reporting and corporate governance.

The latest proposal for a five to 10 per cent offer, with a possible London or New York listing, provides a clearer indication of the ownership structure being considered, although the company has yet to announce a formal offer timetable or valuation.

The proposed listing is rooted in 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 Limited to operate profitably without relying on government funds, declare dividends to shareholders and retain 20 per cent of its profits to support business growth.

The IPO discussion has gained momentum following the recent public offer by Dangote Petroleum Refinery, which attracted significant interest from domestic investors.

The refinery’s share offer, which closed on 27 October, attracted orders worth about N6.4tn, equivalent to $4.78bn, from Nigerian retail and institutional investors, according to sources familiar with the transaction cited by Reuters.

The amount was almost three times the refinery’s targeted offer of about $1.6bn, although the final allotment and proceeds are subject to the post-offer process. The strong demand has provided a fresh indication of investor appetite for large Nigerian energy businesses.

NNPC is also entering the proposed listing process with improved financial performance. Its 2025 audited results showed a profit after tax of N7.2tn, representing a 33 per cent increase from N5.4tn in 2024. However, revenue fell by 24 per cent to N34.5tn from N45.1tn in the previous year. The company also declared a dividend of N5.8tn.