NNPC Eyes Historic Stock Market Listing as Nigeria Plans to Sell Up to 10% Equity

Nigeria’s state-owned oil company, NNPC Limited, is considering opening its ownership to private investors through a proposed initial public offering that could see between 5% and 10% of its shares sold to the public.

The development represents a potentially significant step in the transformation of Nigeria’s national oil company into a more commercially accountable institution.

According to Punch Newspapers, NNPC Group Chief Executive Officer Bashir Bayo Ojulari disclosed that the proposed share sale would primarily target Nigeria’s domestic capital market, with possible secondary listings in London or New York.

The plan could allow individual and institutional investors to acquire minority ownership in one of Nigeria’s most strategically important companies.

A New Era for Nigeria’s Oil Industry?

The proposed listing aligns with the objectives of the Petroleum Industry Act, which transformed NNPC into a commercially oriented limited liability company in 2022.

A public listing would introduce additional expectations around financial disclosure, corporate governance and accountability to shareholders.

Ojulari indicated that improving transparency and governance is a central motivation behind the proposal, while raising fresh capital remains a secondary objective.

Preparatory work could continue throughout 2027, meaning an immediate share offering is unlikely.

What This Means for Nigerian Investors

If the proposal becomes a reality, Nigerians could gain an opportunity to invest directly in the national oil company.

Such a listing may also deepen Nigeria’s capital market by introducing a major energy company with potentially significant investor interest.

However, investors would need to assess the company’s financial performance, valuation, governance standards and exposure to fluctuations in global energy prices.

NNPC’s 2025 audited results showed profit after tax of approximately ₦7.2 trillion, representing a 33% increase over 2024, although revenue declined to ₦34.5 trillion.

The Bigger Picture

The proposed share sale could become an important milestone in Nigeria’s economic reform agenda.

Nevertheless, the listing remains under consideration. No final offer date, valuation or regulatory approval has been announced.

The eventual success of the initiative will depend on credible financial reporting, investor confidence and the company’s ability to operate transparently and competitively.