By Radarr Africa Business Desk
LAGOS, November 9 (Radarr Africa) – Nigerian National Petroleum Company Limited (NNPC Ltd) is considering selling 5 per cent to 10 per cent of its shares in an initial public offering, with Nigerian investors given priority, Group Chief Executive Bashir Bayo Ojulari told Reuters on Tuesday, November 3.
Ojulari said preparations could take at least all of 2027. The plan is at an early stage, with no offer price, subscription date, valuation or exchange announced. NNPC could later seek secondary listings in London or New York, and may list some subsidiaries separately, a strategy similar to that of Abu Dhabi’s ADNOC. The government would keep substantial ownership and operational control.
Ojulari described improving transparency, accountability and corporate governance as the main goals, with raising capital secondary. The Federal Government owns 100 per cent of NNPC Ltd, which was launched in July 2022.
Section 53 of the Petroleum Industry Act 2021 requires government approval and National Economic Council endorsement before government-held shares are sold. Any transfer must be at fair market value through an open, transparent and competitive process.
The planned sale follows the Dangote Refinery’s N2.15 trillion initial public offering, which closed in October and drew about N6.4 trillion ($4.78 billion) in orders, according to Reuters. The strength of that demand has been read as a signal of investor appetite for large Nigerian energy offerings.
Ojulari also said Chinese companies have expressed interest in equity stakes in the Port Harcourt and Warri refineries, which have struggled for more than a decade. NNPC would keep at least 10 per cent under any such deal. He said he was optimistic that at least one refinery could resume production within three years.
NNPC Ltd reported 2025 revenue of N34.5 trillion on September 29, down 24 per cent, and profit after tax of N7.2 trillion, up 33 per cent. It declared a dividend of N5.8 trillion. Crude and condensate output averaged 1.77 million barrels per day. The company targets more than 2 million barrels per day by 2027 and 3 million by 2030.
Separately, NNPC cut cooking gas prices by N50 per kilogram for customers who buy through its Fuel App. The price in Lagos fell to N1,200 per kilogram from N1,250, and in Abuja to N1,250 per kilogram from N1,300.
