NNPC says no fixed date yet for proposed IPO

The Nigerian National Petroleum Company Limited (NNPC Ltd.) has not set a fixed date for its proposed Initial Public Offering (IPO), with the decision resting on its shareholders, according to Bayo Ojulari, the company's Group Chief Executive Officer. Speaking at a news conference alongside the company's 2025 Audited Financial Statements, Ojulari emphasized that NNPC Ltd. is working towards readiness for the IPO, but managing a timeline is not within its control.

He added that consultants and other relevant parties would evaluate the company's overall readiness before any timeline could be determined. Factors such as the outcome of the readiness assessment, prevailing market conditions, and strategic considerations would influence the timing of the proposed IPO. Ojulari stressed that NNPC Ltd.'s management and board's responsibility is to ensure all requirements for a potential listing were met, including transparency, clear accountability, and sustainable performance.

He reiterated that only shareholders, on behalf of the country, could make the final decision to proceed with the IPO. NNPC Ltd.'s preparation for the IPO has been ongoing for several years, with the company previously aiming for a listing on the Nigerian Exchange (NGX) by 2028. In July 2025, Ojulari revealed the company's roadmap towards a listing, and in August 2026, President Bola Tinubu reiterated plans to list NNPC, signaling its transformation into a commercially viable energy company.