NNPC Ltd. Plans 5-10% Equity Sale in Upcoming IPO

The Nigerian National Petroleum Company Limited (NNPC Ltd.) is contemplating a sale of 5% to 10% of its equity through a potential initial public offering (IPO), primarily targeting Nigeria's domestic capital market. Bashir Bayo Ojulari, the Group Chief Executive Officer, disclosed this on November 3, 2026, during an interview with Reuters.

He noted that while raising additional capital is a secondary consideration, the main goal is to strengthen corporate transparency and governance in accordance with Nigerian law. NNPC is expected to spend the entirety of 2027 preparing for the IPO, which follows the recent closure of the Dangote Petroleum Refinery’s IPO on October 27.

Ojulari also mentioned interest from Chinese companies in acquiring stakes in some of NNPC’s smaller refineries, specifically the Port Harcourt and Warri facilities. The Federal Government has supported the push for a listing, which has been discussed since 2016, with the Petroleum Industry Act (PIA) 2021 providing a legal framework for NNPC's commercial operations.