The Nigerian National Petroleum Company Limited (NNPCL) is considering offering between 5% and 10% of its equity to investors through an initial public offering, with a potential secondary listing in London or New York, as the state-owned energy company advances plans to open its ownership to the public.
Group Chief Executive Officer Bashir Bayo Ojulari disclosed the proposal in an interview with Reuters on Tuesday at the Abu Dhabi International Petroleum Exhibition and Conference. He said the IPO would primarily target Nigeria’s domestic capital market, with an overseas listing potentially following.
The proposed structure is intended to enable Nigerians to invest in the national oil company while allowing the Federal Government to retain operational control. Ojulari said improving transparency and corporate governance would be the main objectives of the listing, while raising funds would be a secondary consideration.
The company is not expected to launch the offer immediately. Preparations could take at least the whole of next year, as NNPCL continues to address issues identified in its readiness assessment.
Ojulari said the company had completed a baseline review of its IPO preparedness and was working with advisers to close gaps, particularly in financial reporting and corporate governance.
The latest proposal builds on NNPCL’s previously announced ambition to list on the Nigerian Exchange. In July 2025, Ojulari said the company had developed a roadmap for a potential listing by 2028.
However, in September 2026, he said no listing date had been set and that the final decision would rest with the company’s shareholders.
“We don’t have a date, but we are working hard to make sure we are ready as soon as we can,” he said at the time. “The decision to take an IPO is not ours. It’s the shareholders that will take that decision ultimately on behalf of the country.”
The proposed share sale follows the transformation of the former Nigerian National Petroleum Corporation into a commercially oriented limited liability company under the Petroleum Industry Act 2021, which took effect in July 2022.
The law requires NNPCL to operate profitably without relying on government funding, pay dividends to shareholders and retain 20% of its profits to support business growth.
Investor interest in Nigeria’s energy sector has also been highlighted by the recent public offer from Dangote Petroleum Refinery. The offer, which closed on October 27, attracted orders worth about ₦6.4 trillion, or $4.78 billion, from domestic retail and institutional investors, according to sources cited by Reuters.
The subscription was nearly three times the refinery’s targeted offer of about $1.6 billion. Final allotments and proceeds remain subject to the post-offer process.
NNPCL is considering the IPO amid improved profitability. Its audited 2025 results showed profit after tax rising 33% to ₦7.2 trillion from ₦5.4 trillion in 2024. Revenue, however, declined 24% to ₦34.5 trillion from ₦45.1 trillion.
The company also declared a dividend of ₦5.8 trillion.