President Bola Ahmed Tinubu has signalled plans to list the Nigerian National Petroleum Company (NNPC) Limited on the Nigerian Exchange (NGX), a move that would allow Nigerians and other investors to own shares in the state-owned energy company.
The President disclosed this on Thursday while receiving the board and management of the Nigerian Exchange Group (NGX Group) at the State House in Abuja, reaffirming his administration’s commitment to using the capital market to drive investment, expand public ownership and support economic growth.
Tinubu said the NNPC would first undergo further reforms before being listed as a publicly traded company.
Drawing parallels with Saudi Arabia’s national oil company, Saudi Aramco, the President said Nigeria could transform the NNPC into a commercially competitive company with public ownership. “We can reform NNPC to the extent that one day, the totality of it—not just the arms and legs, the totality of it will be listed,” Tinubu said.
He noted that the listing would enable Nigerians and institutional investors to participate directly in the ownership of the national oil company through the Nigerian capital market.
The President praised the performance of Nigeria’s capital market, describing it as a key vehicle for wealth creation and economic development.
Speaking during the meeting, Wale Edun, Minister of Finance and Coordinating Minister of the Economy, said the Nigerian stock market had recorded remarkable growth over the past three years, driven largely by the government’s economic reforms.
According to him, the market capitalisation of the Nigerian Exchange has risen from about N30 trillion in 2023 to N160 trillion, making it one of the world’s strongest-performing equity markets.
“The capital market is one of the fastest ways to create wealth for millions of Nigerians,” the minister said.
The Nigerian Exchange Group delegation, led by Chairman Dr Umaru Kwairanga and Group Managing Director/Chief Executive Officer Temi Popoola, briefed the President on the market’s strong recovery and growing investor confidence.
Tinubu also commended members of his Economic Management Team, including the Minister of Finance, the Minister of Budget and Economic Planning, the Governor of the Central Bank of Nigeria (CBN), and the Chairman of the National Revenue Service, for driving reforms that have strengthened investor confidence.
Reflecting on the administration’s early challenges, the President said difficult but necessary policy decisions had helped restore macroeconomic stability.
Tinubu’s comments reinforce the NNPC’s long-term strategy to become a publicly listed energy company, as required under the Petroleum Industry Act (PIA) 2021.
In March 2025, the company announced it had entered the final stages of preparations for an Initial Public Offering (IPO), including an “IPO Beauty Parade” to engage advisers and partners needed for the listing process.
Later, in July 2025, NNPC Group Chief Executive Officer Bayo Ojulari disclosed that the company was working towards a 2028 stock market listing as part of its transformation into a commercially driven and globally competitive energy business.
If completed, the listing would rank among the most significant capital market transactions in Nigeria’s history and mark a major milestone in the commercialisation of the country’s national oil company.
