The Nigerian National Petroleum Company (NNPC) Limited, has stepped up transparency and financial disclosures as part of its preparation for a long-anticipated initial public offering (IPO), according to Bayo Ojulari, the company’s Chief Executive Officer.
Speaking on Tuesday at the ADIPEC energy conference in Abu Dhabi, Ojulari said the company’s move towards an IPO is a legal obligation under Nigeria’s Petroleum Industry Act (PIA), which mandates that NNPC transition to a publicly listed company.
“The IPO journey is by law. The PIA prescribes for NNPC to journey towards achieving IPO. It’s not an option for us,” Ojulari stated.
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He explained that the listing process has required NNPC to embrace greater transparency, adding that the company has already begun publishing its monthly performance reports since May 2025 as part of the transition process. However, he did not provide a specific timeline for the public listing.
NNPC’s Chief Financial Officer had earlier hinted in March that the company was in the final stages of its IPO preparations, though no date has been officially announced.
Ojulari also revealed that NNPC is working to increase its stake in the Dangote Petroleum Refinery to 20 percent, as part of efforts to strengthen its downstream portfolio.
The NNPC had earlier reduced its stake in the Dangote refinery from 20 percent to 7.2 percent.
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The 650,000 barrels-per-day Dangote Refinery, Africa’s largest, began operations last year but has faced headwinds from cheaper fuel imports and operational disruptions.
Meanwhile, Ojulari noted that NNPC is seeking technical equity partners to help revive its three state-owned refineries, which have remained inactive despite heavy investments in past years.
