NNPC eyes 10% stake sale in landmark Nigerian IPO

The Nigerian National Petroleum Company Limited (NNPC Ltd.) is contemplating a potential initial public offering (IPO) where it may sell between 5% and 10% of its equity, primarily targeting the domestic capital market. This news was disclosed by the Group Chief Executive Officer, Bashir Bayo Ojulari, in an interview with Reuters on November 3, 2026.

Ojulari also mentioned the possibility of a secondary listing in London or New York. This move follows the successful IPO of Dangote Petroleum Refinery on October 27, after an extension of its subscription period from the initial deadline on October 13. NNPC is projected to spend all of 2027 preparing for the proposed offering, with the aim to enhance corporate transparency and governance aligned with Nigerian law.

The company is primarily focused on raising additional capital rather than monetizing assets as the main reason for going public. NNPC is also considering listing some of its subsidiaries independently, following a similar approach adopted by Abu Dhabi National Oil Company (ADNOC), the UAE's state-owned oil company. Apart from the possible IPO, Ojulari revealed that Chinese entities have shown interest in acquiring equity stakes in some of NNPC's smaller refineries, specifically the Port Harcourt and Warri facilities, which require substantial rehabilitation.

NNPC intends to retain at least a 10% ownership stake in these refineries. The company anticipates at least one of these facilities to start producing again within the next three years. The idea of listing NNPC on the Nigerian stock market has been under discussion for several years, although it has frequently faced delays due to the company's ongoing institutional and financial restructuring.

The plan to list NNPC on the Nigerian market was first proposed in 2016, and the Petroleum Industry Act (PIA) 2021 provided the necessary legal framework for NNPC to operate commercially and potentially offer its shares to the public. The push for a listing has been endorsed by the Federal Government, with Finance Minister Taiwo Oyedele emphasizing on October 19 that strategic government-owned assets, including NNPC and Nigeria LNG Limited (NLNG), should be listed to boost transparency and generate wealth.

The proposed IPO is taking place amidst NNPC's ongoing financial performance and governance reforms, as the company continues to generate substantial revenue and profits. The financial statements of NNPC also demonstrate significant changes in its income composition, which are likely to be crucial factors as the company strives to meet the requirements for a potential public listing.