The Nigerian National Petroleum Company Limited (NNPC), said is looking at offering between 5% and 10% of its shares to the public through a proposed stock market debut, with Nigeria’s investment market serving as its main destination.
The Group Chief Executive Officer of NNPC Limited, Bashir Bayo Ojulari, disclosed this in an interview with Reuters on Tuesday, that it may also pursue an additional listing in London or New York.
He said that the proposed share sale could be accompanied by similar investment opportunities in some of NNPC’s subsidiaries.
The strategy, according to him reflects the approach adopted by Abu Dhabi’s ADNOC, which has allowed external shareholders to acquire portions of selected businesses without surrendering management authority.
The planned move follows strong investor enthusiasm for the Dangote Petroleum Refinery’s recent market offering, which reportedly received subscriptions valued at 6.4 trillion naira ($4.78 billion) from individual and institutional participants.
According to Ojulari, preparations for NNPC’s market entry could extend throughout next year. He explained that the exercise is intended primarily to strengthen public accountability, improve institutional standards and ensure compliance with Nigeria’s legal requirements.
Although the proposed transaction could provide additional funding for the company, Ojulari maintained that generating revenue is not the principal motivation. Instead, the initiative is aimed at making NNPC more open, efficient and responsive to shareholders while preserving its strategic position in Nigeria’s energy industry.
He also disclosed that that Chinese investors have expressed interest in acquiring ownership shares in Port Harcourt and Warri, which require extensive restoration.
Under any proposed agreement, NNPC would preserve a minimum 10% ownership stake in the affected plants, allowing foreign investors to participate without completely displacing the Nigerian company.
Ojulari, expects at least one of the smaller refineries to resume operations within three years as efforts to revive the country’s refining sector continue.
