Nigeria’s state-owned oil company, the Nigerian National Petroleum Company Limited (NNPC), has ramped up efforts to improve transparency as part of its preparations for a long-anticipated initial public offering (IPO), according to its Chief Executive Officer, Bayo Ojulari.
Speaking at the ADIPEC Energy Conference in Abu Dhabi on Tuesday, November 4, 2025, Ojulari said the company’s move toward a public listing is not optional but a legal requirement under the Petroleum Industry Act (PIA) passed in 2021.
“The IPO journey is by law. The PIA prescribes for NNPC to journey towards achieving IPO. It’s not an option for us,” he said.
Despite the law mandating that NNPC list its shares within six months of the PIA’s enactment, the company has yet to do so. Its finance chief said in March that the process was in its final stages of preparation.
Ojulari noted that the company has taken steps to strengthen accountability and public disclosure as part of the pre-listing process.
“We have begun to publish our monthly performance since May this year, and that has continued,” he added, without specifying when the IPO might take place.
The NNPC boss also revealed that the company plans to increase its equity stake in the Dangote Petroleum Refinery to 20%. The refinery, Africa’s largest, commenced operations last year but has faced challenges due to competition from cheaper imported fuel.
Last week, Ojulari said NNPC was seeking technical equity partners to help restart three of its state-owned refineries that remain idle despite years of rehabilitation efforts and significant investments.
