NNPC Improving Transparency Ahead of IPO, CEO Says
By Naija Enquirer Staff
Nigeria’s state-owned oil company, NNPC Limited, is increasing its transparency on operational performance as it prepares for a long-awaited initial public offering (IPO), the company’s Group Chief Executive Officer, Bayo (Bashir) Ojulari, said on Tuesday. :contentReference
IPO Mandate Under the Petroleum Industry Act
Under the 2021 Petroleum Industry Act (PIA), NNPC was required to list on the stock market within six months of the law’s passage a deadline that has not been met. Ojulari emphasised that pursuing an IPO is a legal obligation, not a choice, and that preparations require greater corporate transparency. :
Monthly Performance Reporting
As part of those transparency measures, NNPC has begun publishing monthly performance reports since May 2025, a practice Ojulari said the company will continue as it moves toward meeting IPO requirements. No firm timeline for the IPO was provided.
Stake in Dangote Refinery and Refinery Revival Plans
Speaking at the ADIPEC energy conference in Abu Dhabi, Ojulari said NNPC is working to increase its equity stake in the Dangote Petroleum Refinery to 20%, subject to board approval, as part of broader downstream strategic moves
He also reiterated efforts to find technical equity partners to revive three idle state refineries — assets that have remained offline despite large past investments and which NNPC hopes to bring back into production through co-investment and technical collaboration.
Context: Refining and Market Pressures
The Dangote refinery, Africa’s largest, launched operations last year but faces competitive pressure from low-cost imports. Reviving state refineries and securing a stronger stake in Dangote are part of NNPC’s strategy to boost domestic refining capacity and reduce fuel import dependence.
NNPC’s move to publish regular performance data and pursue strategic downstream investments signals management’s intent to align the company with the PIA’s obligations and enhance investor confidence ahead of a potential market listing. Observers say actual timing of an IPO will depend on further governance, financial readiness, and approvals.
