The Nigerian National Petroleum Company (NNPC) Limited says it has made progress towards listing its shares on the Nigerian Exchange (NGX), with ongoing efforts to address gaps in its corporate governance and reporting systems.

Bayo Ojulari, the company’s Group Chief Executive Officer, disclosed this in an interview with Bloomberg on Tuesday, stating that NNPC had completed an initial assessment of its readiness for the proposed public listing.

“We’ve done the baseline assessment,” Ojulari said.

He explained that the company was working with advisers to resolve issues identified during the assessment, including adjustments to reporting structures and governance frameworks.

The planned listing comes as public interest in share offerings grows following the Dangote Group’s move to list its refinery business on the stock exchange. The group recently extended its initial public offering (IPO) application deadline by two weeks to give investors in more African countries an opportunity to participate.

Vice-President Kashim Shettima had also urged NNPC to exceed expectations when it eventually lists on the NGX. He made the call on October 6, pointing to the performance of the Dangote refinery.

NNPC’s listing plans date back to July 2025, when Ojulari said the company was targeting a stock market debut by 2028.

However, on September 29, he clarified that the company had yet to set a date for the IPO, explaining that the decision would ultimately be determined by its shareholders.

The latest update indicates that NNPC is continuing its preparations for the proposed listing, although the timing of the share offering remains uncertain.