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

The Nigerian National Petroleum Company Limited (NNPC) is considering selling between five and 10 per cent of its equity through an initial public offering (IPO) on the Nigerian and potentially international stock exchanges, such as the London or New York markets. This move aims to improve transparency, corporate governance, and raise capital, according to the Group Chief Executive Officer of NNPC Limited, Bashir Bayo Ojulari.

Ojulari stressed that the proposed share sale would primarily focus on Nigeria's domestic market while international listings could follow. The company has been working towards a public listing for years, with Ojulari stating that NNPC aimed to achieve this by 2028, although no fixed date has been announced. The company is addressing gaps in financial reporting and corporate governance identified during its preparations for the IPO, as required by the Petroleum Industry Act 2021.

This law transformed NNPC into a commercially driven limited liability company, requiring it to operate profitably without government funding, declare dividends to shareholders, and retain 20% of its profits for business growth. The proposed IPO has gained momentum following Dangote Petroleum Refinery's successful public offering in October 2025, which attracted significant interest from domestic investors.

However, the final decision on listing dates and valuation will be made by the company's shareholders.