NNPC IPO: Oil Giant Eyes Up to 10% Share Sale, Considers London and New York Listings

• The proposed NNPC IPO could offer investors between 5% and 10% of the company’s shares, with preparations potentially lasting throughout 2027.

The Nigerian National Petroleum Company Limited is considering selling between five and 10 per cent of its shares through an initial public offering, with Nigeria’s domestic market expected to take priority.

Group Chief Executive Officer Bashir Bayo Ojulari disclosed the proposal in an interview with Reuters on Tuesday, November 3, at the Abu Dhabi International Petroleum Exhibition and Conference in the United Arab Emirates.

Ojulari said a secondary listing in London or New York was also being considered, alongside possible future listings of the company’s subsidiaries.

He indicated that preparations could occupy the whole of 2027. That timeline relates to preparing the company for a listing and does not establish a confirmed subscription date.

According to Ojulari, improving transparency and corporate governance is the primary objective, while raising capital is a secondary consideration.

The proposal follows an initial assessment of NNPC’s readiness to become a publicly listed company.

Ojulari previously disclosed that advisers had identified gaps requiring attention, particularly in financial reporting and corporate governance. The company was working to address those issues as part of its preparations.

An initial public offering allows investors to acquire shares when a company first offers them to the public. For prospective buyers, however, the details needed to assess and participate in an NNPC offer remain outstanding.

The company has not announced a definitive offer price, valuation or listing date in the reported proposal. The suggested five-to-10-per-cent stake therefore remains a proposed range, rather than a completed transaction or an invitation to subscribe.