NNPC advances IPO plans, addresses governance, financial reporting gaps

The Nigerian National Petroleum Company Limited (NNPC Ltd.) is advancing plans for its initial public offering (IPO) as it implements governance reforms and addresses financial reporting gaps identified by its advisers ahead of a potential capital market listing.

The Group Chief Executive Officer of NNPC Ltd., Bayo Bashir Ojulari, disclosed this during an interview with Bloomberg on Tuesday, October 13, 2026, explaining that the company had completed its preliminary assessment and was implementing corrective measures to meet listing requirements.

The development comes as Dangote Petroleum Refinery and Petrochemicals FZE extended its ongoing $1.6 billion IPO by two weeks, moving the subscription deadline from October 13 to October 27, following approval from the Securities and Exchange Commission (SEC).

Ojulari said NNPC had completed an initial assessment of its readiness for a public listing and was addressing deficiencies identified by its advisers, particularly in financial reporting and corporate governance.

He explained that the company was implementing corrective measures to meet IPO requirements, although its operations across multiple segments of the oil and gas industry could make the listing process more complex than that of Dangote Petroleum Refinery.

Unlike Dangote’s refining business, NNPC operates across crude oil exploration and production, pipelines, refining, trading and retail distribution, requiring decisions on whether to list individual units, consolidate operations or divest certain assets.

Beyond the IPO, NNPC is reviewing its investments in joint ventures with domestic and international oil companies, including the potential sale of up to 30% of its stakes in some ventures.

Ojulari indicated that a decision could be reached in early 2027, as the company evaluates proposals from existing partners and prospective foreign investors to attract technical expertise and funding.

NNPC’s proposed IPO has been under consideration for several years, following its transition into a commercially driven entity under the Petroleum Industry Act (PIA) 2021.

However, in September 2026, NNPC clarified that it had not fixed a date for the proposed IPO, stressing that the final decision would rest with its shareholders.

NNPC’s preparations for a public listing come amid a decline in its financial performance during the first half of 2026, despite remaining profitable throughout the period.

Although earnings moderated to N462 billion in May, they rebounded to N535 billion in June, the company’s strongest monthly performance in the first half of 2026.

The figures brought NNPC’s cumulative first-half profit to approximately N2.28 trillion, representing a decline of N1.25 trillion compared with the corresponding period of 2025.

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