THE Nigerian National Petroleum Company (NNPC) Limited is stepping up preparations for a potential stock market listing following the attention generated by the Dangote Group’s share offering, with the state-owned oil company working to address governance and reporting gaps ahead of a possible debut on the Nigerian Exchange (NGX).
NNPC’s Group Chief Executive Officer, Mr Bayo Ojulari, disclosed the progress in an interview with Bloomberg on Tuesday, saying the company had completed a baseline assessment and was implementing recommendations from its advisers to prepare it for public investment.
“We’ve done the baseline assessment,” Ojulari said, adding that work was under way to resolve shortcomings identified in the exercise, including changes to reporting structures and governance frameworks.
The renewed preparations come as the Dangote Group pushes ahead with its $1.6 billion initial public offering (IPO), offering investors an opportunity to buy into the refinery business. The group has extended its subscription deadline by two weeks to October 27 to give investors across more African countries additional time to participate.
READ ALSO: NNPC under Kyari spent nearly $3bn on Nigeria’s three refineries. None is working now.
Although NNPC has not announced a listing date, the progress suggests the company is continuing efforts to meet the requirements for accessing the capital market. A successful listing could open the national oil company to a wider pool of investors and subject its operations and financial performance to greater public scrutiny.
Dangote offer puts IPO plans in focus
The Dangote refinery’s share sale has drawn attention to the prospects for large Nigerian businesses seeking to raise capital through the stock market. The development has also prompted calls for NNPC to set high expectations for its eventual listing.
On October 6, Vice-President Kashim Shettima urged the national oil company to surpass expectations when it lists on the NGX, citing the Dangote refinery’s performance.
NNPC’s preparations, however, predate the latest developments surrounding Dangote’s offer. In July 2025, Ojulari had said that the company was targeting a stock market listing by 2028.
On September 29, he said no date had been fixed for the IPO, explaining that the final decision rested with NNPC’s shareholders.
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The company had earlier completed the first phase of a diagnostic and gap-assessment exercise to determine the changes required before it could list. Its current work includes addressing the weaknesses identified by advisers.
READ ALSO: NNPC: $3bn spent under Kyari, but Ojulari now says refineries were burning cash
Governance reforms remain critical
For NNPC, completing the assessment is only one stage of the process. The company must also address identified gaps in its reporting systems and governance arrangements as it prepares for the scrutiny that comes with public ownership.
READ ALSO: PENGASSAN pushes for 51% private ownership of NNPC refineries
Investors typically assess a company’s financial disclosures, accountability, governance and business outlook before committing funds to an IPO. These considerations will be important for NNPC as it works towards a potential listing.
While the Dangote offer has brought renewed attention to Nigeria’s equity market, NNPC has yet to disclose the proposed size, structure or timing of its own share sale.
Ojulari’s latest comments indicate that preparatory work is continuing, but the company’s eventual market debut will depend on completing the necessary reforms and securing the required decisions from its shareholders.
