The Nigerian National Petroleum Company Limited (NNPC Ltd.) is addressing corporate governance and financial reporting gaps as it advances preparations for a potential initial public offering (IPO), according to Bayo Bashir Ojulari, its Group Chief Executive Officer.
Ojulari disclosed this in an interview with Bloomberg on Tuesday, October 13, 2026, saying the company had completed a preliminary assessment of its readiness for a public listing and was implementing measures to meet capital market requirements.
The proposed IPO would mark a significant step in NNPC’s transition into a commercially driven energy company following the enactment of the Petroleum Industry Act (PIA) 2021.
However, the company must resolve outstanding governance and reporting issues and determine which parts of its extensive oil and gas operations are suitable for a public listing.
“We’ve done the baseline assessment,” Ojulari said, adding that the company was taking steps “to be IPO ready as soon as possible.”
Ojulari said NNPC’s diverse operations could make its listing process more complex than that of a company focused on a single business segment.
Unlike Dangote Petroleum Refinery and Petrochemicals FZE, which operates primarily in refining and petrochemicals, NNPC has interests spanning crude oil exploration and production, pipelines, refining, trading and retail distribution.
The company is therefore considering whether some businesses should be consolidated, restructured or sold before a potential listing.
“There are some things that cannot even be IPOed,” Ojulari said, noting that the company would have to decide whether to rationalise its portfolio, consolidate certain businesses or exit selected assets.
The review is part of broader efforts to strengthen NNPC’s corporate structure and prepare it to meet the transparency, governance and financial disclosure standards expected of a publicly listed company.
Beyond the IPO, NNPC is also reviewing its investments in joint ventures with domestic and international oil companies. The company is considering selling up to 30 per cent of its stakes in selected ventures to attract new capital and technical expertise.
Ojulari indicated that a decision could be reached in early 2027, as NNPC evaluates proposals from existing partners and prospective foreign investors.
NNPC’s proposed public listing has been under consideration for several years following its transition to a limited liability company under the Petroleum Industry Act.
In March 2025, the company disclosed that preparations for a potential IPO were at an advanced stage and that it had begun selecting advisers to support the process.
In August 2026, President Bola Tinubu indicated that his administration’s economic reforms would eventually include listing NNPC shares on the Nigerian Exchange (NGX), potentially allowing Nigerians and institutional investors to acquire ownership stakes in the company.
However, NNPC clarified in September 2026 that no date had been fixed for the proposed IPO, stressing that the final decision would rest with its shareholders.
The latest disclosure suggests that preparatory work is continuing, although the timing and structure of the eventual offering remain uncertain.
