NNPC considering 5% share sale in domestic IPO, London, New York listing – Ojulari

Bayo Ojulari, group chief executive officer (GCEO) of the Nigerian National Petroleum Company (NNPC) Limited, says the organisation is considering floating between 5 percent and 10 percent of its shares in a domestic initial public offering (IPO), with a possible secondary listing in London or New York.

Ojulari spoke on Tuesday in an interview with Reuters on the sidelines of the 2026 Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) in Abu Dhabi, United Arab Emirates (UAE).

He said the NNPC could also pursue further listings of its subsidiaries, reflecting a similar approach by ADNOC, the UAE’s state-owned oil company.

According to the NNPC GCEO, preparations for a potential NNPC listing could take up the whole of next year, with the primary objective of improving the company’s transparency and corporate governance in line with Nigerian law, while raising funds would be a secondary consideration.

In July 2025, Ojulari said the NNPC planned to list on the stock exchange by 2028.

However, on September 29, he said the company had not fixed a date for its IPO, adding that the decision ultimately rests with its shareholders.

On October 14, Ojulari said the firm is making progress towards a public listing on the Nigerian Exchange (NGX).

In February, Ojulari said the company was discussing a potential partnership with a Chinese firm over one of the state-owned refineries.

Furthermore, Ojulari said Chinese companies had expressed interest in acquiring equity stakes in some of Nigeria’s smaller refineries requiring major rehabilitation, including the Port Harcourt and Warri refineries, rather than limiting their involvement to construction and repair contracts.

The NNPC GCEO said he expected at least one of the smaller refineries to resume production within the next three years.

Ojulari added that the NNPC is willing to give up as much equity as necessary to secure a long-term, sustainable partnership. (TheCable)