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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).
NNPC addresses gaps ahead of IPO
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.
- “We’ve done the baseline assessment,” Ojulari said, adding that the company was implementing measures “to be IPO ready as soon as possible.”
- “There are some things that cannot even be IPOed,” he said.
- “You have to decide whether you do a portfolio rationalization on them, consolidate them, or, you know, exit those items when that time comes.”
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 IPO plans date back years
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.
- In March 2025, the company’s Chief Finance and Investor Relations Officer, Olugbenga Oluwaniyi, disclosed that NNPC was in the final stages of preparing for a public listing and had begun selecting advisers to support the process.
- The company commenced an IPO readiness exercise involving investor relations, investment banking and advisory services to prepare for a potential listing.
- In August 2026, President Bola Tinubu indicated that his administration’s economic reforms would eventually include listing NNPC shares on the Nigerian Exchange (NGX), allowing Nigerians and other investors to acquire ownership stakes.
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 profit falls 35% in 2026
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.
- According to financial data reviewed by Nairametrics, the company recorded a profit after tax of N2.28 trillion in the six months ended June 2026, representing a 35.4% decline from the N3.53 trillion reported in the corresponding period of 2025.
- NNPC began 2026 with a profit of N385 billion in January before earnings declined to N136 billion in February, its lowest monthly result during the period.
- Profit recovered to N276 billion in March and increased further to N481 billion in April.
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.
