NIGERIA · OIL & MARKETS
Key Facts
- —What is happening NNPC’s chief executive said on 3 November the state oil firm will likely sell 5% to 10% in an IPO.
- —Why it matters He says a listing would improve transparency and governance and let Nigerians own part of NNPC.
- —The numbers Planned stake 5% to 10%; 2025 profit after tax was 7.2 trillion naira (US$5.3 billion); no valuation set.
- —Who is who Bayo Ojulari is NNPC’s group chief executive; the company is state-owned and commercial since 2021.
- —What to watch Which assets are listed, how shares are priced, who gets priority, and any London or New York listing.
- —What it means for you A mostly domestic sale gives US investors little access unless NNPC chooses a New York listing.
Nigeria’s state oil company says it will likely sell 5% to 10% of itself in a first public share offer. Preparations will take all of 2027, so no sale is expected this year.
NNPC, Nigeria’s state oil company, will likely sell 5% to 10% of itself, its chief executive said on Tuesday, 3 November. The first public share offer, or IPO, would target mainly Nigerian investors.
The plan matters because it could put the finances of a state oil company under public scrutiny. For US readers, it could eventually create a new way to invest in Nigerian oil.
What the Chief Executive Said
Group chief executive Bayo Ojulari said in a media interview that the first sale would be small and domestic. He said the company could also seek a second listing in London or New York, but has not chosen.
He said preparations would take at least all of 2027, so no share sale is expected in 2026. Some NNPC subsidiaries could be listed later, following the approach taken by ADNOC, the state oil company of Abu Dhabi.
Mr Ojulari said improving transparency and governance is the main goal. Raising money is secondary, he said.
Why NNPC Wants to List
NNPC is Nigeria’s national oil company, run as a commercial company under the Petroleum Industry Act of 2021. The law set the legal framework for turning it into a firm that can be listed.
Its audited 2025 results, released on Tuesday, 29 September, showed profit after tax of 7.2 trillion naira (about US$5.3 billion), up 33%. Revenue fell 24% to 34.5 trillion naira (about US$25.6 billion), and the dividend was 5.8 trillion naira (about US$4.3 billion).
NNPC also said crude oil and condensate output averaged 1.77 million barrels a day in 2025, its highest in five years. Conversions use the Central Bank of Nigeria’s official rate of 1,346.43 naira per US$ on 3 November.
The Refinery Angle
Mr Ojulari also said Chinese companies want equity stakes in smaller refineries at Port Harcourt and Warri, not only repair contracts. Neither plant has run at full capacity for more than a decade.
He said NNPC would keep at least 10% of any such venture. He expects at least one smaller refinery to produce again within three years.
The Market Backdrop
Nigeria’s finance minister, Taiwo Oyedele, backed listing NNPC and the gas exporter Nigeria LNG on Monday, 19 October. The Dangote refinery share offer closed on Tuesday, 27 October.
Dangote Petroleum Refinery is the private plant built by businessman Aliko Dangote. Its share allotment is still to come.
What It Means for US Readers
A listing aimed mainly at Nigerian investors would trade in Nigeria, which limits direct access for most Americans. A New York listing, if NNPC chose one, would be the clearest route for US investors, but no decision has been made.
A more transparent NNPC could change how investors judge its output and payments to the state. Related Rio Times reports cover the finance minister’s call for listings and the president’s earlier commitment.
Further background is in the report on the Dangote IPO allotment and the Port Harcourt refinery workers’ protest. More is on the Nigeria hub.
What Is Not Known
No valuation, share price, offer date or exchange has been announced, and NNPC’s website showed no IPO notice. Which assets would be listed, how shares would be priced and who gets priority in the sale are open.
The 5% to 10% range is the chief executive’s expectation, not a government decision. The Chinese engineering firm in the refinery talks has not been named.
What Comes Next
Watch for a formal NNPC or government announcement setting a timetable, naming advisers and defining the assets to be listed. The company’s next monthly report may add detail on finances ahead of a sale.
The remarks do not mean a share sale has been approved or scheduled. They only set out how the company currently sees a first listing.
Frequently Asked Questions
What did NNPC say about an IPO?
Its chief executive said NNPC will likely sell 5% to 10% of itself, mainly to Nigerian investors. Preparations will take at least all of 2027.
What does NNPC stand for?
NNPC is the Nigerian National Petroleum Company Limited, the state oil company. It became a commercial company under the Petroleum Industry Act of 2021.
Could American investors buy NNPC shares?
Not easily if the sale is mainly domestic. A second listing in London or New York is possible, but NNPC has not decided.
How profitable is NNPC?
It reported profit after tax of 7.2 trillion naira (about US$5.3 billion) for 2025, up 33%. Revenue fell 24% to 34.5 trillion naira (about US$25.6 billion).
When will NNPC shares start trading?
No date is set. Preparations will take at least all of 2027, so no share sale is expected in 2026.
Sources: NNPC Limited, press releases and monthly reports (2025 audited results of 29 September 2026); Central Bank of Nigeria, official exchange rates (central rate 1,346.43 naira per US$, 3 November 2026); Nigerian business press, 3 November 2026 (all accessed 3 November 2026). US$ conversions use the Central Bank of Nigeria’s official central rate of 1,346.43 naira on 3 November 2026.
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief
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