The Nigerian National Petroleum Company Limited (NNPC Ltd.) is contemplating promoting between 5% and 10% of its fairness by means of a possible preliminary public providing (IPO), with the proposed itemizing anticipated to focus totally on Nigeria’s home capital market.
The Group Chief Executive Officer of NNPC Ltd., Bashir Bayo Ojulari, disclosed this in an interview with Reuters on Tuesday, November 3, 2026, including that the corporate might additionally pursue a secondary itemizing in London or New York.
The disclosure comes shortly after the Dangote Petroleum Refinery’s IPO closed on October 27, following a two-week extension of its subscription interval from the preliminary October 13 deadline.
What NNPC is planning for its potential IPO
NNPC is anticipated to spend not less than the entire of 2027 getting ready for the proposed providing, with the itemizing primarily supposed to strengthen company transparency and governance in line with Nigerian regulation. Ojulari indicated that elevating further capital could be a secondary consideration fairly than the primary cause for going public.
The firm can be contemplating itemizing a few of its subsidiaries individually, following a mannequin adopted by Abu Dhabi National Oil Company (ADNOC), the United Arab Emirates’ state-owned oil firm.
Beyond the potential IPO, Ojulari disclosed that Chinese firms have expressed curiosity in buying fairness stakes in a few of NNPC’s smaller refineries, significantly the Port Harcourt and Warri services, which require substantial rehabilitation.
The proposed preparations would contain NNPC retaining not less than a ten% possession curiosity in the refineries. The firm expects not less than one of many services to resume manufacturing inside the subsequent three years.
How NNPC’s IPO plans have developed
Plans to record NNPC on the Nigerian capital market have been mentioned for a number of years, though the proposed providing has repeatedly confronted delays as the corporate underwent institutional and monetary restructuring.
The Federal Government’s intention to record the nationwide oil firm dates again to 2016, whereas the Petroleum Industry Act (PIA) 2021 supplied a authorized framework for NNPC to function commercially and finally provide its shares to the general public.
- In September 2021, former Group Managing Director Mele Kyari mentioned the corporate would wish to clear up its monetary data, recapitalise and restructure its portfolio earlier than contemplating an IPO.
- By March 2025, NNPC had moved in the direction of formal preparations, partaking advisers for investor relations, IPO readiness and funding banking companies.
- In July 2025, Ojulari additionally outlined a roadmap focusing on a possible inventory market itemizing by 2028 as a part of the corporate’s broader transformation.
- In October 2026, Nairametrics reported that NNPC was advancing its IPO preparations by addressing governance reforms and financial reporting gaps identified by its advisers.
- However, in September 2026, NNPC had clarified that it did not have a fixed IPO date, noting that the ultimate choice would relaxation with its shareholders after the required readiness assessments.
The push for an inventory has additionally obtained assist from the Federal Government. On October 19, Finance Minister Taiwo Oyedele reiterated that strategic government-owned assets, including NNPC and Nigeria LNG Limited (NLNG), must be listed to enhance transparency and create alternatives for wealth era.
NNPC’s latest monetary efficiency
The proposed IPO comes as NNPC continues to file substantial income and earnings, though its monetary statements additionally present vital adjustments in its revenue composition.
- Between January and August 2026, NNPC generated N28.54 trillion in income and recorded N2.99 trillion in profit after tax, in accordance to its month-to-month monetary reviews reviewed by Nairametrics.
- Its 2025 audited monetary statements additionally confirmed that revenue after tax elevated by 32.7% to N7.18 trillion from N5.41 trillion in 2024.
- However, income declined by 23.4% to N34.52 trillion from N45.08 trillion, whereas gross revenue fell to N9.37 trillion from N11.71 trillion.
- A notable feature of the 2025 results was the contribution of sundry income, which reached N7.10 trillion, equal to roughly 99% of the corporate’s reported revenue after tax.
The monetary efficiency and ongoing governance reforms are possible to stay vital issues as NNPC works in the direction of assembly the necessities for a possible public itemizing.
