The Nigerian National Petroleum Company Limited has said it does not yet have a fixed date for its proposed initial public offering (IPO), noting that the decision will ultimately be made by its shareholders.
NNPC Group Chief Executive Officer Bayo Ojulari disclosed this on Tuesday in Abuja while speaking at a news conference following the company’s 2025 Annual General Meeting and the presentation of its audited financial results.
Ojulari said the company is focused on ensuring that it is fully prepared for a potential listing, while consultants and other relevant parties continue to assess its readiness and outstanding requirements.
“We don’t have a date, but we are working hard to make sure we are ready as soon as we can.
“The decision to take an IPO is not ours. It’s the shareholders who will take that decision ultimately on behalf of the country.
“But just also bear in mind that we cannot just determine a date for IPO on our own. It is the consultants and the parties that assess and evaluate that will give us a sense of readiness overall when they finish,” he said.
According to Ojulari, the eventual timing will depend on the outcome of the readiness assessment, prevailing market conditions and other strategic considerations.
He explained that management’s responsibility is to ensure that the necessary requirements and evidence are in place before the company proceeds with a listing.
Ojulari also stressed the importance of transparency, accountability and sustainable performance as part of the preparations.
“Therefore, we need to set our bar where it belongs. To do that, we have to make sure there is transparency, clear accountability and sustainable performance,” he said.
He added that while management and the board could prepare NNPC for a listing, the final decision to proceed would rest with the shareholders on behalf of the country.
The company will communicate the IPO date once the relevant assessments have been completed and the necessary advice has been received.
NNPC’s proposed listing comes as the company continues its transition under the Petroleum Industry Act into a commercially focused energy company.
The proposed IPO is expected to give investors an opportunity to participate in the ownership of the national oil company, subject to the completion of the necessary preparations and approvals.
