The Nigerian National Petroleum Company Limited (NNPC Ltd.) is advancing plans for its preliminary public providing (IPO) because it implements governance reforms and addresses financial reporting gaps recognized by its advisers forward of a possible capital market itemizing.
The Group Chief Executive Officer of NNPC Ltd., Bayo Bashir Ojulari, disclosed this throughout an interview with Bloomberg on Tuesday, October 13, 2026, explaining that the corporate had accomplished its preliminary evaluation and was implementing corrective measures to satisfy itemizing necessities.
The improvement comes as Dangote Petroleum Refinery and Petrochemicals FZE prolonged its ongoing $1.6 billion IPO by two weeks, shifting the subscription deadline from October 13 to October 27, following approval from the Securities and Exchange Commission (SEC).
NNPC addresses gaps forward of IPO
Ojulari stated NNPC had accomplished an preliminary evaluation of its readiness for a public itemizing and was addressing deficiencies recognized by its advisers, notably in financial reporting and company governance.
He defined that the corporate was implementing corrective measures to satisfy IPO necessities, though its operations throughout a number of segments of the oil and fuel business might make the itemizing course of extra advanced than that of Dangote Petroleum Refinery.
- “We’ve done the baseline assessment,” Ojulari stated, including that the corporate was implementing measures “to be IPO ready as soon as possible.”
- “There are some things that cannot even be IPOed,” he stated.
- “You have to decide whether you do a portfolio rationalization on them, consolidate them, or, you know, exit those items when that time comes.”
Unlike Dangote’s refining enterprise, NNPC operates throughout crude oil exploration and manufacturing, pipelines, refining, buying and selling and retail distribution, requiring choices on whether or not to checklist particular person items, consolidate operations or divest sure property.
Beyond the IPO, NNPC is reviewing its investments in joint ventures with home and worldwide oil firms, together with the potential sale of as much as 30% of its stakes in some ventures.
Ojulari indicated {that a} determination may very well be reached in early 2027, as the corporate evaluates proposals from present companions and potential overseas traders to draw technical experience and funding.
NNPC’s IPO plans date again years
NNPC’s proposed IPO has been into consideration for a number of years, following its transition right into a commercially pushed entity underneath the Petroleum Industry Act (PIA) 2021.
However, in September 2026, NNPC clarified that it had not fixed a date for the proposed IPO, stressing that the ultimate determination would relaxation with its shareholders.
NNPC revenue falls 35% in 2026
NNPC’s preparations for a public itemizing come amid a decline in its financial efficiency in the course of the first half of 2026, regardless of remaining worthwhile all through the interval.
- According to financial information reviewed by Nairametrics, the corporate recorded a profit after tax of N2.28 trillion in the six months ended June 2026, representing a 35.4% decline from the N3.53 trillion reported within the corresponding interval of 2025.
- NNPC started 2026 with a revenue of N385 billion in January earlier than earnings declined to N136 billion in February, its lowest month-to-month outcome in the course of the interval.
- Profit recovered to N276 billion in March and elevated additional to N481 billion in April.
Although earnings moderated to N462 billion in May, they rebounded to N535 billion in June, the corporate’s strongest month-to-month efficiency within the first half of 2026.
The figures introduced NNPC’s cumulative first-half revenue to roughly N2.28 trillion, representing a decline of N1.25 trillion in contrast with the corresponding interval of 2025.
