The Nigerian National Petroleum Company Limited is progressing toward an initial public offering after completing a baseline readiness assessment and beginning work to close gaps in governance and financial reporting. Group Chief Executive Officer Bayo Bashir Ojulari disclosed the update in a Bloomberg interview on Tuesday, 13 October 2026.
Ojulari said the company has finished its preliminary review and is implementing corrective steps to satisfy listing requirements. The exercise is complicated by NNPC’s broad footprint across crude oil exploration and production, pipelines, refining, trading and retail distribution. That range of activities could make the process more involved than the listing of Dangote Petroleum Refinery. Management must also decide whether to float individual business units, consolidate operations or dispose of certain assets.
Advisers Flag Deficiencies
The NNPC update coincided with Dangote Petroleum Refinery and Petrochemicals extending its $1.6 billion IPO by two weeks. After approval from the Securities and Exchange Commission, the subscription deadline moved from 13 October to 27 October.
Ojulari said NNPC’s advisers had identified shortcomings, particularly in financial reporting and corporate governance. “We’ve done the baseline assessment,” he stated. The company is putting measures in place “to be IPO ready as soon as possible.” He added that some assets may not be suitable for a public listing. “There are some things that cannot even be IPOed,” Ojulari 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.”
Joint-Venture Review Under Way
Separately, NNPC is examining its investments in joint ventures with domestic and international oil companies. The review includes the possible sale of up to 30 per cent of its stakes in selected ventures. Ojulari indicated a decision could be reached in early 2027 as the company evaluates proposals from existing partners and potential foreign investors. The objective is to bring in technical expertise and additional capital.
Plans for an NNPC listing have been under discussion for several years following the company’s transition to a commercially oriented entity under the Petroleum Industry Act 2021. In March 2025, Chief Finance and Investor Relations Officer Olugbenga Oluwaniyi said the company was in the final stages of preparation and had begun appointing advisers. An IPO readiness programme covering investor relations, investment banking and advisory services was already under way.
In August 2026 President Bola Tinubu said the administration’s economic reforms would eventually include listing NNPC shares on the Nigerian Exchange so that Nigerians and other investors could acquire ownership stakes. In September the company clarified that no date had been set and that the final decision would rest with shareholders.
Profit Declines in First Half
The preparatory work is taking place against a backdrop of softer financial results. NNPC remained profitable but posted a profit after tax of N2.28 trillion for the six months ended June 2026, a 35.4 per cent drop from N3.53 trillion in the same period of 2025—a reduction of N1.25 trillion.
Monthly performance fluctuated. The company recorded N385 billion in January, fell to N136 billion in February (the weakest month of the half), recovered to N276 billion in March and rose to N481 billion in April. Profit eased to N462 billion in May before climbing to N535 billion in June, the strongest monthly result in the first half.
For investors monitoring the Nigerian capital market, NNPC’s readiness efforts and Dangote’s extended subscription window keep two significant oil-and-gas listings in view. NNPC has not set a date, and its shareholders will make the final decision.
