NNPC Eyes 5–10% Domestic IPO as First Step, CEO Says

NNPCL plans to sell a relatively small 5% to 10% stake in an initial public offering aimed mainly at local investors, with a possible secondary listing later in London or New York, according to CEO Bashir Bayo Ojulari.

Speaking to Reuters, Ojulari said NNPC could also list some of its subsidiaries separately, following a model similar to that used by Abu Dhabi’s ADNOC. Like other Gulf national oil companies, the goal is to bring in outside capital while keeping full operational control and avoiding the sale of core upstream assets.

Getting ready for the listing is expected to take all of 2027. Improving transparency and governance to meet Nigerian legal requirements is the main reason for the move; raising money is secondary, the CEO noted.

Chinese firms have expressed interest in taking equity stakes in some of Nigeria’s smaller, underperforming refineries (including Port Harcourt and Warri) that need major rehabilitation. NNPC has previously discussed refurbishment deals with Chinese engineering companies. In any partnership, NNPC would keep at least 10% ownership, and Ojulari expects at least one of these plants to restart production within three years.