The Nigerian National Petroleum Company Limited (NNPC) has advanced preparations for public listing, with changes to its reporting structures and governance frameworks emerging as key requirements before the state-owned oil company can approach the capital market.
Bayo Bashir Ojulari, NNPC’s group chief executive officer, said the company had completed a baseline assessment and was addressing gaps identified by its advisers, Bloomberg reported on October 14.
“We’ve done the baseline assessment,” Ojulari said in an interview on Tuesday, adding that the company was working to close the identified gaps, which require changes to some reporting structures and governance frameworks.
The latest steps mark progress in a process that has stretched over several years, although NNPC has yet to set a listing date.
In September, Ojulari said the company had no fixed date for the proposed initial public offering (IPO), adding that the final decision rests with its shareholders, while management focuses on preparing the business for listing.
The proposed listing is provided for under the Petroleum Industry Act (PIA) 2021, which restructured NNPC into a commercially oriented company.
Reuters reported in March 2025 that the company was in the final stages of IPO preparations, with no specific timeline announced.
NNPC has also taken steps to improve disclosure ahead of a potential offer. In November 2025, Ojulari told Reuters that the company had begun publishing monthly performance reports in May as part of efforts to improve transparency.
“The IPO journey is by law,” he said at the time, describing the listing process as a requirement under the PIA rather than an option.
The preparations come as investor interest in Dangote Petroleum Refinery’s share offering provides a fresh reference point for Nigeria’s capital market.
The refinery launched a $1.6 billion IPO in September, offering shares to public investors and targeting a wider investor base across Africa.
For NNPC, however, the task extends beyond attracting demand for its shares. The company operates across exploration, production, pipelines, refining and petroleum trading, making the structure and disclosure of its businesses important considerations for potential investors.
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