NNPC public listing roadmap aims for 2028 debut as Nigeria’s energy giant prepares for IPO with reforms, transparency, and global investor confidence

The Nigerian National Petroleum Company Limited is now firmly focused on its strategic NNPC public listing roadmap, aiming for a stock exchange debut by 2028.

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The Group Chief Executive Officer, Bayo Ojulari, revealed the plan at the recent OPEC International Seminar in Vienna, Austria, addressing a global audience of oil industry leaders and investors.

“As I mentioned earlier, we have a roadmap to be listed by 2028,” Ojulari said, in a video posted on NNPC Ltd’s official X account.

He noted that the Petroleum Industry Act (PIA) was the foundation for the company’s transformation.

“The PIA has reset and brought stabilisation to the energy industry,” he said, describing the Act as a “bold legislative milestone” that has drawn fresh investment and strengthened industry partnerships.

Ojulari praised President Bola Tinubu’s reconstitution of the company’s board, stating that the new leadership team comprises “consummate professionals and global leaders” prepared to drive the company toward global competitiveness.

“We would be the catalyst in the transformation of the national oil company to a limited liability company,” he stated.

Efforts to boost investor confidence include reforms in corporate governance, enhanced operational stability, and greater transparency.

“We have done quite a lot in terms of providing stability, ensuring that when you do business in Nigeria, your business is secured,” Ojulari said.

He also assured stakeholders that the new NNPC Ltd. would uphold international standards and continue to learn from global players.

“We would ensure the new NNPC provides the prudence and leadership that is of international repute,” he added.

Adedapo Segun, the company’s Chief Financial Officer, confirmed at the Nigerian Oil and Gas Energy Week that governance reforms are well underway. He said, “We have a part now that is IPO ready. We have management that is IPO ready.”

NNPC became a limited liability company in 2022, a major shift from its previous parastatal structure. While past IPO attempts in 2018 and 2023 failed, the current roadmap appears more defined.

Ojulari also discussed energy transition, citing significant investments in pipelines, refining, and gas-based infrastructure to combat energy poverty.

“Nigeria and other sub-Saharan countries are embarking on aggressive infrastructure development,” he noted.

He reaffirmed Nigeria’s ambitious output goals: three million barrels of oil per day and 12 billion cubic feet of gas daily.

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“We have a clear roadmap to achieve that,” Ojulari said. “I would like to invite you to the new NNPC Ltd. and the new Nigeria. We will show you with action, not words.”