THE Nigerian National Petroleum Company Limited (NNPCL) aims to list on the stock exchange by 2028, according to its Group Chief Executive Officer, Bayo Ojulari.
Speaking at the 9th OPEC International Seminar in Vienna, Ojulari said the plan was part of efforts to reposition the company as a competitive, profit-driven energy firm.
He announced the timeline in a video shared on the company’s official X handle on Friday, July 11.
He linked the planned listing to reforms introduced by the Petroleum Industry Act (PIA), describing it as a legislative milestone that provided stability and structure to Nigeria’s energy industry.
“As I mentioned earlier, we have a roadmap to be listed by 2028. The PIA has reset and brought stabilisation to the energy industry, particularly oil and gas in Nigeria.
It gives us the roadmap and allows us to monitor our progress,” he told an audience of energy leaders, ministers, and investors.
Ojulari acknowledged that implementing such legislative reforms would come with challenges, and implementing the Petroleum Industry Act would take time, especially for national oil companies.
He noted that collaboration between industry stakeholders and regulators had played a key role in driving the reforms.
The GCEO also highlighted recent leadership changes within NNPCL’s board, stating that the newly appointed directors brought private sector expertise and international experience. He noted that their appointments aligned with President Bola Tinubu’s agenda to reposition the national oil company for greater efficiency and competitiveness.
Ojulari said the NNPCL focused on building investor confidence by strengthening governance structures, promoting transparency, and ensuring operational stability. He emphasised that significant progress had been made to create a secure business environment in Nigeria.
He also reaffirmed that all strategic possibilities, including partial privatisation, were being considered to manage the nation’s oil assets. In a prior interview, he noted that the decision would ultimately depend on the findings of ongoing internal reviews.
The NNPCL’s Chief Financial Officer, Adedapo Segun, previously disclosed during the Nigerian Oil and Gas Energy Week that the company was undergoing a restructuring process aimed at meeting the standards of a publicly listed firm.
He explained that efforts were underway to establish a strong governance culture and operational structure in preparation for a future initial public offering (IPO).
“We are working on our corporate governance, our processes, and creating an environment that will support our IPO aspirations. We have management that is IPO ready. We need to build an organisation that is IPO ready,” Segun said.
Despite NNPCL’s previously unsuccessful IPO bids in 2018 and 2023, industry experts believe that recent reforms driven by the Petroleum Industry Act (PIA) and the company’s ongoing restructuring could enhance its prospects this time.
However, they highlight lingering concerns such as delays in publishing the company’s 2024 audited financial statements and the need to address longstanding inefficiencies related to fuel subsidies and heavy government involvement.
