The Nigerian National Petroleum Company Limited (NNPCL) has announced plans to list on the stock exchange by 2028 as part of its strategic transformation into a commercially viable, globally competitive energy company. Group Chief Executive Officer Bayo Ojulari disclosed this during the 9th Organisation of the Petroleum Exporting Countries (OPEC) International Seminar in Vienna, Austria, a confirmation later shared on the company’s official X handle.
“As I mentioned earlier, we have a roadmap to be listed by 2028,” Ojulari told an audience of global energy leaders, OPEC ministers, investors, and stakeholders, explaining that the planned listing is part of a broader transformation enabled by the Petroleum Industry Act (PIA).
He described the PIA as a bold legislative milestone that has stabilised Nigeria’s energy sector, attracting new investors, strengthening partnerships, and providing clarity across the oil and gas value chain.
“Nigeria has been undergoing a transformational journey since the enactment of the PIA, which has reset and stabilised the energy industry, giving us a clear roadmap to monitor our progress,” he said.
Ojulari noted that the reconstituted NNPCL board, composed of experienced professionals from global and private sector backgrounds, reflects President Bola Tinubu’s vision to reposition the company as a globally competitive national oil firm.
“With the collaboration of industry players, we will transform NNPCL into a limited liability company that can compete globally,” he added.
The GCEO also highlighted reforms aimed at boosting investor confidence, including improved security, operational stability, transparency, and adherence to global best practices.
“We have done quite a lot to ensure that when you do business in Nigeria, your business is secured,” Ojulari said, adding that the company aims to become “a national oil company to be reckoned with internationally.”
Last week, NNPCL’s Chief Financial Officer, Adedapo Segun, confirmed at the Nigerian Oil and Gas Energy Week that a corporate governance restructuring is underway to prepare the company for its initial public offering (IPO). Segun noted that aligning NNPCL’s structure, culture, and processes with global best practices is essential for the listing.
“We have management that is IPO ready. We need to build an organisation that is IPO ready,” Segun said.
NNPCL became a limited liability company in July 2022 following the implementation of the PIA, shifting from a government parastatal to a commercially driven entity seeking profitability and operational autonomy.
While industry stakeholders have long anticipated the company’s listing, previous attempts in 2018 and 2023 did not materialise. Analysts note that the IPO may face challenges, including the need to clean up its books and publish its 2024 audited accounts after years of petrol subsidies and interventions in other sectors.
On the energy transition, Ojulari said Nigeria and other sub-Saharan African countries are investing in refining, pipelines, and gas infrastructure to tackle energy poverty and boost energy security, presenting significant investment opportunities.
He also reaffirmed Nigeria’s ambitious production targets of at least three million barrels of crude oil per day and 12 billion cubic feet of gas per day, backed by clear policy roadmaps.
Concluding his address, Ojulari invited global investors to re-engage with Nigeria’s oil and gas sector:
“I would like to invite you to the new NNPC Ltd. and the new Nigeria. We will show you with action, not words, that Nigeria and NNPC Ltd. are truly ready for business.”
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