Nigeria’s state-owned oil company, the Nigerian National Petroleum Corporation (NNPC), is strengthening transparency measures as it advances toward an initial public offering (IPO) mandated by the country’s oil reform law, according to CEO Bayo Ojulari.
Speaking at the ADIPEC energy conference in Abu Dhabi on Tuesday, Ojulari said that under the 2021 Petroleum Industry Act (PIA), NNPC is legally required to move toward a public listing. “The IPO journey is by law. The PIA prescribes for NNPC to journey towards achieving IPO. It’s not an option for us,” he said.
Push for transparency and governance reform
As part of its preparations, NNPC has begun publishing monthly performance reports, a measure aimed at building investor confidence and improving accountability in a company long criticized for opacity. “We have begun to publish our monthly performance since May this year and that has continued,” Ojulari noted, though he did not specify when the IPO might take place.
The planned listing marks a milestone in Nigeria’s broader efforts to reform its oil sector, which accounts for more than half of government revenue and 90% of foreign exchange earnings. However, analysts say structural challenges — including fuel subsidy reforms, low refining capacity, and weak investor sentiment — could complicate the IPO timeline.
Strategic investments and refinery revival
Ojulari also confirmed that NNPC is looking to expand its equity stake in the Dangote Petroleum Refinery, Africa’s largest refining facility, to 20%. The refinery began operations last year but has faced headwinds due to competition from cheaper imported fuels.
In a related effort, NNPC announced last week that it is seeking technical equity partners to help restart three of its state-owned refineries, which have been largely idle despite years of costly rehabilitation projects.
The move aligns with Nigeria’s long-term strategy to boost domestic refining capacity, reduce fuel imports, and stabilize the downstream petroleum sector.
By increasing transparency and taking visible steps toward governance reform, NNPC aims to reassure potential investors and international markets that it can operate with greater efficiency and accountability ahead of its eventual public offering.