NNPC considers 5% to 10% stake sale in planned IPO

The Nigerian National Petroleum Company Limited (NNPC Ltd.) is considering selling between 5% and 10% of its equity through a potential initial public offering (IPO), with the proposed listing expected to focus primarily on Nigeria’s domestic capital market.

The Group Chief Executive Officer of NNPC Ltd., Bashir Bayo Ojulari, disclosed this in an interview with Reuters on Tuesday, November 3, 2026, adding that the company could also pursue a secondary listing in London or New York.

The disclosure comes shortly after the Dangote Petroleum Refinery’s IPO closed on October 27, following a two-week extension of its subscription period from the initial October 13 deadline.

NNPC is expected to spend at least the whole of 2027 preparing for the proposed offering, with the listing primarily intended to strengthen corporate transparency and governance in line with Nigerian law. Ojulari indicated that raising additional capital would be a secondary consideration rather than the main reason for going public.

The company is also considering listing some of its subsidiaries separately, following a model adopted by Abu Dhabi National Oil Company (ADNOC), the United Arab Emirates’ state-owned oil company.

Beyond the potential IPO, Ojulari disclosed that Chinese companies have expressed interest in acquiring equity stakes in some of NNPC’s smaller refineries, particularly the Port Harcourt and Warri facilities, which require substantial rehabilitation.

The proposed arrangements would involve NNPC retaining at least a 10% ownership interest in the refineries. The company expects at least one of the facilities to resume production within the next three years.

Plans to list NNPC on the Nigerian capital market have been discussed for several years, although the proposed offering has repeatedly faced delays as the company underwent institutional and financial restructuring.

The Federal Government’s intention to list the national oil company dates back to 2016, while the Petroleum Industry Act (PIA) 2021 provided a legal framework for NNPC to operate commercially and eventually offer its shares to the public.

The push for a listing has also received support from the Federal Government. On October 19, Finance Minister Taiwo Oyedele reiterated that strategic government-owned assets, including NNPC and Nigeria LNG Limited (NLNG), should be listed to improve transparency and create opportunities for wealth generation.

The proposed IPO comes as NNPC continues to record substantial revenue and profits, although its financial statements also show significant changes in its income composition.

The financial performance and ongoing governance reforms are likely to remain important considerations as NNPC works towards meeting the requirements for a potential public listing.

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