NNPC Plans to Sell 10% Stake, Nigerians Could Soon Become Part-Owners of Nigeria’s Oil GiantFor decades, Nigeria’s national oil company has operated at the centre of the country’s petroleum industry.
Its activities influence government revenue, oil production, fuel supply and several major energy projects.
But a proposal under consideration could change how Nigerians and international investors participate in the company.
The Nigerian National Petroleum Company Limited is considering selling between five per cent and 10 per cent of its shares through a proposed initial public offering.
NNPC Group Chief Executive Officer, Bashir Bayo Ojulari, disclosed the plan during an interview with Reuters on November 3, 2026, at the Abu Dhabi International Petroleum Exhibition and Conference.
The proposal could eventually allow members of the public to purchase shares in NNPC through the Nigerian capital market.
It also raises important questions about government ownership, corporate accountability and the future of Nigeria’s oil industry.
What NNPC Is Planning to Sell
According to Ojulari, NNPC is considering offering between five per cent and 10 per cent of its equity to investors.
An initial public offering, commonly known as an IPO, allows a company to offer shares to the public through a stock exchange.
If NNPC completes the process, investors would have an opportunity to own a portion of the company.
The Nigerian government would retain the larger ownership interest under the proposed arrangement.NNPC is also considering the possibility of listing some of its subsidiaries separately.
The company is examining the approach used by Abu Dhabi National Oil Company, which has offered investors stakes in selected business units while retaining control of the wider organisation.
Why NNPC Wants to Become a Publicly Listed Company
one of the most important details in Ojulari’s announcement is his explanation of why NNPC wants to list.
He said the main objective is to improve transparency and corporate governance in line with Nigerian law.
Raising additional capital would be a secondary consideration.
This is significant because NNPC has faced years of public scrutiny over its financial reporting, operations and relationship with government finances.
A stock market listing would introduce another level of accountability.
Publicly listed companies face disclosure requirements and must provide financial information to shareholders and market regulators.
Investors also expect management to explain business decisions and demonstrate how the company generates value.
For NNPC, the transition could strengthen public confidence if the company provides reliable financial information and follows strong governance standards.
How the Petroleum Industry Act Changed NNPC
The proposed IPO forms part of a wider transformation which began with the Petroleum Industry Act of 2021.
Before the reforms, the Nigerian National Petroleum Corporation operated as a state-owned corporation with a structure different from an ordinary commercial company.
The Petroleum Industry Act provided the framework for converting the organisation into a limited liability company.
The new company, NNPC Limited, was expected to operate with greater commercial independence and stronger corporate governance.
The reforms also created a path towards eventual public ownership through a stock market listing.However, changing the company’s legal structure was only one part of the process.
NNPC still needed to strengthen its financial reporting, improve its business operations and prepare for the demands of public investors.
Why Nigerians Might Not Buy NNPC Shares Immediately
Although the proposed sale has generated interest, the company has not announced an immediate IPO.
Ojulari indicated that preparations could take up the whole of 2027.Several important details remain unresolved.
NNPC has not announced its final valuation, the proposed share price or the exact number of shares it intends to offer.The company has also not confirmed the final listing date.
The decision ultimately rests with NNPC’s shareholders, meaning the proposal must pass through the necessary approval process.
This means Nigerians should not mistake the announcement for an open share offer.The company still has work to complete before ordinary investors receive an opportunity to buy shares.
Could NNPC List Shares in London or New York?
Ojulari also revealed that NNPC is considering a possible secondary listing in London or New York.
The primary offering would focus on Nigeria’s domestic capital market.An additional international listing would give foreign investors another route to participate in the company.
Such a move could increase NNPC’s international visibility and expose the company to a wider pool of investors.
But listing on a foreign exchange would also bring additional disclosure requirements and regulatory expectations.NNPC has not confirmed which international exchange it would choose.
The company is also considering separate listings for some subsidiaries, which could allow investors to participate in specific areas of its business.
Chinese Investors Are Also Interested in Nigerian Refineries
The proposed IPO is not the only major development involving NNPC.
Ojulari disclosed that Chinese companies have expressed interest in acquiring equity stakes in some of Nigeria’s smaller state-owned refineries.
The facilities include the Port Harcourt and Warri refineries, which require substantial rehabilitation.
The proposed arrangement would involve foreign investors taking ownership stakes rather than simply receiving contracts to repair the facilities.
NNPC would retain at least a 10 per cent equity interest under the arrangement described by Ojulari.He also said he expected at least one of the facilities to resume production within the next three years.
If the proposed partnerships move forward, they could bring additional capital and technical support into Nigeria’s refining industry.But the discussions should not be confused with a completed investment agreement. The company has not announced a final deal with the interested investors.
NNPC’s Financial Performance Will Matter to Investors
Any company preparing for an IPO must convince investors its business is financially attractive.
NNPC’s recent financial performance will therefore play an important role in how the market evaluates the proposed offering.According to figures reported by Nairametrics from NNPC’s 2025 audited financial statements, the company recorded N7.18 trillion in profit after tax in 2025, compared with N5.41 trillion in 2024.
Its reported revenue declined from N45.08 trillion in 2024 to N34.52 trillion in 2025.These figures show why investors will need more than a headline profit figure when assessing the company.
They will want to understand where revenue comes from, how sustainable the profits are, how much debt the company carries and how much money its operations generate.A public listing would place these questions under greater scrutiny.
What the Proposed IPO Could Mean for Nigeria
If NNPC eventually lists shares, the development could create a new investment opportunity for Nigerians.
Individuals, pension funds and institutional investors could gain exposure to a major company operating in the country’s energy industry.
The government would also face stronger expectations to improve transparency and protect shareholder interests.
But the success of the IPO will depend on the quality of NNPC’s financial information, the company’s valuation and the confidence investors have in its management.
Final Thought
NNPC’s proposed share sale could create a major opportunity for Nigeria’s capital market. It could also introduce stronger public scrutiny of a company with enormous influence over the country’s energy industry.
But Nigerians should understand one important point. The proposed sale is not yet an open offer. The company still needs to complete preparations and secure the necessary approvals.
If the IPO eventually happens, its success will depend on NNPC’s financial performance, transparency, valuation and the confidence investors have in its management.
Frequently Asked Questions
1. How much of NNPC does the company plan to sell?
NNPC is considering selling between five per cent and 10 per cent of its shares.
2. Will Nigerians be able to buy NNPC shares?
The proposed domestic listing could give Nigerian investors an opportunity to purchase shares, subject to the final IPO arrangements.
3. When will NNPC shares become available?
Preparations could continue through 2027. No confirmed IPO date has been announced.
