The Nigerian National Petroleum Company Limited (NNPC) is considering offering between 5% and 10% of its shares to investors in a proposed initial public offering (IPO), with the domestic market expected to be its primary destination.

NNPC Group Chief Executive Officer, Bashir Bayo Ojulari, disclosed this in an interview with Reuters on Tuesday, November 3, 2026, adding that a secondary listing in London or New York could also be considered.

Ojulari said the company was also exploring the possibility of listing some of its subsidiaries separately, following a similar approach adopted by the United Arab Emirates’ state-owned oil company, ADNOC.

He explained that preparations for the proposed IPO would likely take the whole of 2027, with the exercise primarily aimed at strengthening transparency and corporate governance in line with Nigerian law. Raising funds would be a secondary consideration.

Meanwhile, Ojulari disclosed that Chinese companies had expressed interest in acquiring equity stakes in some of Nigeria’s smaller refineries, particularly the Port Harcourt and Warri refineries, which require significant rehabilitation.

He noted that NNPC would retain at least a 10% ownership stake in any agreement involving the facilities.

The NNPC chief executive also expressed optimism that at least one of the refineries could resume production within three years.

The proposed development comes as Nigeria continues efforts to attract private investment into its oil and gas industry and improve the performance of its state-owned refining assets.