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.

What NNPC is planning for its potential IPO

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.

How NNPC’s IPO plans have evolved

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.

• In September 2021, former Group Managing Director Mele Kyari said the company would need to clean up its financial records, recapitalise and restructure its portfolio before considering an IPO.
• By March 2025, NNPC had moved towards formal preparations, engaging advisers for investor relations, IPO readiness and investment banking services.
• In July 2025, Ojulari also outlined a roadmap targeting a potential stock market listing by 2028 as part of the company’s broader transformation.
• In October 2026, Nairametrics reported that NNPC was advancing its IPO preparations by addressing governance reforms and financial reporting gaps identified by its advisers.
• However, in September 2026, NNPC had clarified that it did not have a fixed IPO date, noting that the final decision would rest with its shareholders after the necessary readiness assessments.

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.

NNPC’s recent financial performance

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.

• Between January and August 2026, NNPC generated N28.54 trillion in revenue and recorded N2.99 trillion in profit after tax, according to its monthly financial reports reviewed by Nairametrics.
• Its 2025 audited financial statements also showed that profit after tax increased by 32.7% to N7.18 trillion from N5.41 trillion in 2024.
• However, revenue declined by 23.4% to N34.52 trillion from N45.08 trillion, while gross profit fell to N9.37 trillion from N11.71 trillion.
• A notable feature of the 2025 results was the contribution of sundry income, which reached N7.10 trillion, equivalent to approximately 99% of the company’s reported profit after tax.

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.