NNPC IPO Decision Rests With Shareholders, Says Ojulari

The proposed listing of the Nigerian National Petroleum Company Limited (NNPC Ltd.) on the stock market has no fixed date yet, with Group Chief Executive Officer Bayo Ojulari saying the final decision will rest with the company’s shareholders.

Ojulari disclosed this on Tuesday in Abuja while speaking at a news conference on NNPC’s 2025 audited financial results following its Annual General Meeting.

He said NNPC is currently working towards becoming ready for an Initial Public Offering (IPO), but management cannot independently determine when the shares will be offered to the public.

“We don’t have a date, but we are working hard to make sure we are ready as soon as we can,” Ojulari said.

According to him, consultants and other relevant parties are still assessing NNPC’s overall readiness for a potential listing. Their assessment, alongside market conditions and other strategic considerations, will help determine when the company can proceed.

Ojulari said the company’s immediate responsibility is to put the necessary structures, requirements and evidence in place before any listing decision is made.

He identified transparency, clear accountability and sustainable performance as key requirements for NNPC’s listing readiness.

IPO plans have been years in the making

NNPC’s proposed IPO is not a new plan. The company has been working towards a possible listing as part of its transformation into a commercially focused energy company.

In July 2025, Ojulari said NNPC had a roadmap targeting a stock-market listing by 2028. However, his latest comments make clear that 2028 is not a confirmed IPO date.

The company also previously missed earlier timelines for taking the state-owned oil company public.

NNPC said its latest preparations are continuing, with the eventual decision to proceed depending on the readiness assessment and, ultimately, its shareholders.

The development comes as NNPC reports stronger financial performance. The company said its profit after tax rose 33 percent to ₦7.2 trillion in 2025, from ₦5.4 trillion in 2024, while it declared a ₦5.8 trillion dividend.

Nigerians and potential investors will now have to wait for the completion of the readiness process and a formal decision before any NNPC IPO date is announced.