NNPC says no fixed date yet for proposed IPO

The Nigerian National Petroleum Company Limited (NNPC Ltd.) has said it does not have a fixed date for its proposed Initial Public Offering (IPO), noting that the final decision to proceed rests with its shareholders.

Bayo Ojulari, Group Chief Executive Officer of NNPC Ltd., disclosed this on Tuesday in Abuja at a news conference on the company’s 2025 Audited Financial Statements, following its Annual General Meeting.

Ojulari said the company was focused on achieving readiness for the proposed IPO, while consultants and other relevant parties assess its preparedness.

IPO date yet to be determined

Ojulari said NNPC Ltd. was working to ensure it is ready for the proposed IPO but stressed that management cannot independently determine when the offering will take place.

• “We don’t have a date, but we are working hard to make sure we are ready as soon as we can,” he said.
• “The decision to take IPO is not ours. It’s the shareholders that will take ultimately that decision on behalf of the country,” he added.

He explained that consultants and other relevant parties would assess the company’s overall readiness before a timeline can be established.

• “But just also bear in mind that we cannot just determine a date for IPO on our own. It is the consultants and the parties that assess and evaluate that will give us a sense of readiness overall when they finish,” he said.

Market conditions to influence timing

Ojulari said the timing of the proposed IPO would depend on the outcome of the readiness assessment, prevailing market conditions and other strategic considerations.

He said the responsibility of NNPC Ltd.’s management and board was to ensure that all requirements and evidence needed to make the company ready for listing were in place.

According to Ojulari, transparency, clear accountability and sustainable performance would be critical requirements as the company prepares for a potential listing.

He said NNPC Ltd. needed to meet the necessary standards before proceeding with the IPO.

• “Therefore, we need to set our bar where it belongs. To do that, we have to make sure there is transparency, clear accountability and sustainable performance,” he said.

Ojulari reiterated that management could only prepare the company for listing, while the ultimate decision to proceed would be taken by the shareholders on behalf of the country.

The company said it would communicate the IPO date once the relevant assessments had been completed and the necessary advice received.

NNPC’s IPO journey so far

NNPC Ltd.’s proposed IPO has been in preparation for several years, with the company previously indicating that it was working towards a potential listing on the Nigerian Exchange (NGX).

• Nairametrics reported in March 2025 that NNPC Ltd. was in the final stages of preparing for an IPO and had commenced an “IPO Beauty Parade” to identify partners for investor relations, IPO readiness advisory and investment banking support.
• The company said the process was being undertaken in line with the Petroleum Industry Act (PIA) 2021.

In July 2025, NNPC Group Chief Executive Officer Bayo Ojulari said the company had a roadmap to be listed by 2028 as part of its transformation into a commercially viable energy company.

In August 2026, President Bola Tinubu again signalled plans to list NNPC on the capital market, saying the company would be reformed and eventually listed to allow Nigerians and other investors to own shares.