NNPCL weighs IPO for 5% to 10% stake

The Nigerian National Petroleum Company Limited is considering an initial public offering of 5% to 10% of its equity, with a primary listing in Nigeria and a possible secondary listing in London or New York, Chief Executive Bayo Ojulari said. The proposal remains under consideration, and the company has not announced a formal timetable. Ojulari said the main purpose of a listing would be to improve transparency, accountability and corporate governance, with raising capital a secondary objective. Any offer would allow private investors to acquire shares, while the Federal Government would retain operational control, according to the account of his remarks. A report on NNPCL’s preparations said the company had completed a baseline assessment of its readiness and was addressing gaps identified by advisers, particularly in financial reporting and governance. The decision to proceed ultimately rests with the company’s shareholders, and no valuation has been announced. The proposal follows reported improvements in the company’s recent operating results. NNPCL’s September 2026 monthly report recorded profit after tax of N509 billion and revenue of about N4.6 trillion. Hydrocarbon...