NNPC weighs selling up to 10% of itself in a share offer
The chief executive says the float would focus on Nigerian investors, with London or New York possible later. It is at least a year away.
Abuja — Nigeria's state oil company is considering selling 5% to 10% of its equity in an initial public offering aimed mainly at the domestic market, with a possible second listing in London or New York.
Group chief executive Bashir Bayo Ojulari told Reuters on Tuesday that the model under study would let Nigerians own shares without the government giving up operational control. Further listings of NNPC subsidiaries could follow, he said.
He described better transparency and corporate governance as the main goal, with raising money secondary.
Do not expect it soon. Preparations could take at least all of next year, and no timetable or valuation has been announced. Ojulari said in September that the final decision belongs to the shareholders. Last month he said a readiness review had been completed and that gaps in financial reporting and governance were being addressed.
The Petroleum Industry Act of 2021 turned the former corporation into a limited liability company required to operate profitably without relying on government funds.
Source: The Punch, November 2026.
