Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Bayo Ojulari, has announced that the company is working towards being listed on the stock exchange by 2028 as part of efforts to reposition NNPCL as a commercially driven, globally competitive energy firm.
Ojulari made the announcement during the 9th Organisation of Petroleum Exporting Countries (OPEC) International Seminar held recently in Vienna, Austria.
The update was confirmed via a video shared on NNPCL’s official X handle on Friday, where Ojulari told stakeholders at the event, including top global energy leaders, OPEC ministers, oil company executives, and investors, that the company has a clear roadmap toward its Initial Public Offering (IPO).
“As I stated earlier, we are targeting a listing by 2028,” Ojulari said.
He explained that the plan is part of the wider transformation initiated by the Petroleum Industry Act (PIA), which he said has helped bring stability and direction to Nigeria’s oil and gas industry.
“The PIA has laid the foundation for the reform we are undergoing in the energy space. It has provided clarity, restored confidence, and drawn new investors into the sector,” he said.
Ojulari praised the PIA as a bold legislative step, noting that its successful implementation—especially within a national oil company—requires coordination between regulators and industry stakeholders.
He also highlighted the recent appointment of a new board of directors for NNPCL, describing them as highly experienced professionals with international and private-sector backgrounds. He said their inclusion is in line with President Bola Tinubu’s strategic vision to reposition the company for global competitiveness.
Ojulari added that beyond board changes, NNPCL has implemented reforms to boost investor confidence by improving security, stabilising operations, and promoting transparency.
“We’ve done a lot to assure businesses that operating in Nigeria is safe and stable. That has taken significant effort,” he noted.
According to him, the company is committed to aligning with international standards and will continue learning and improving to meet expectations.
The company’s CFO, Adedapo Segun, also gave further insight during the Nigerian Oil and Gas Energy Week. He said that NNPCL is undergoing internal restructuring to align with IPO requirements, including improving corporate governance and operational processes.
“We’ve made progress on various fronts. Some parts of the organisation are now IPO-ready, including the leadership. We are building a company that meets global expectations,” Segun stated.
Since its conversion to a limited liability company in July 2022 following the PIA’s enactment, NNPCL has operated as a commercial entity focused on profitability and independence, marking a shift from its previous role as a state-run agency.
While plans to go public have been floated before—in both 2018 and 2023—neither attempt was successful. Industry watchers say that for this latest effort to succeed, NNPCL must improve transparency and clean up its financial books, particularly by releasing its 2024 audited statements.
Ojulari also spoke on Nigeria’s broader energy goals, including boosting oil output to at least three million barrels per day and gas production to 12 billion cubic feet daily. He said Nigeria and other sub-Saharan nations are investing heavily in energy infrastructure to address shortages and open up new investment opportunities.
He wrapped up his address by urging international investors to take a fresh look at Nigeria’s energy sector, assuring them that the new NNPCL is ready to deliver results.
“I invite you to engage with the new NNPCL and a renewed Nigeria. We will prove with actions—not just words—that we are open and ready for business,” he said.
