NNPC to list shares on New York, London exchanges
The Group Chief Executive Officer of NNPC Ltd, Bayo Ojulari, has revealed plans to list the national company on leading international stock exchanges, as ongoing reforms reshape the national oil firm to attract global investors.
Speaking at an industry forum at the recently concluded CERAWeek by S&P Global Conference in Houston, Texas, Ojulari said NNPC is laying the foundation for an Initial Public Offering (IPO), with potential listings in financial hubs such as New York and London under consideration.
He stressed, however, that the company is prioritising structural and operational readiness over speed, focusing on transparency, governance, and performance to make it attractive to global investors.
“Our strategy is not just about listing, but about building the right fundamentals, transparency, cost efficiency and world-class project delivery, that will make NNPC a company investors are eager to back,” he said.
According to him, the planned IPO forms a central pillar of NNPC’s broader transformation into a commercially driven and globally competitive energy company.
Ojulari noted that recent leadership restructuring, bringing together experienced internal professionals and experts from international oil companies, has strengthened the organisation’s capacity to deliver on this ambition.
He said the company’s reform agenda is already yielding results, with renewed investor confidence reflected in major project commitments.
Chief among them is the $20 billion Bonga Southwest deepwater development, which Ojulari described as a landmark deal enabled by innovative, project-specific incentives introduced by the Federal Government.
According to him, the resolution of long-standing disputes that had delayed investments for nearly two decades has further improved the investment climate, while renewed interest from international oil companies in deepwater assets signals a shift in sentiment towards Nigeria.
Ojulari explained that NNPC’s transformation is anchored on five strategic priorities, with production growth at the forefront.
He added that the company is targeting oil output of two million barrels per day in the near term, rising to three million barrels per day by 2030.
He stressed that gas production is also set for significant expansion, supported by a comprehensive infrastructure rollout aimed at linking key regions across the country.
He noted that the gas expansion programme will drive industrialisation, boost power supply and create jobs, reinforcing Nigeria’s broader economic growth objectives.
In the downstream segment, he said NNPC is seeking to reposition Nigeria as a refining and petroleum distribution hub for sub-Saharan Africa.
Ojulari highlighted ongoing investments in refining capacity, as well as the expansion of compressed natural gas (CNG) and liquefied petroleum gas (LPG) distribution nationwide.
Beyond operational growth, Ojulari emphasised that achieving IPO readiness requires disciplined execution and financial sustainability.
He disclosed that NNPC has undertaken a review of its asset portfolio, exiting non-performing ventures and focusing on commercially viable projects capable of delivering consistent returns.
He also highlighted a shift in corporate culture, with NNPC aiming to become a “partner of choice” for investors.
The separation of its former regulatory functions under the Petroleum Industry Act, he said, has created a clearer and more transparent operating environment, improving trust and collaboration with partners.
As part of its IPO preparation, he stated that the company is also investing heavily in human capital development.
Ojulari said NNPC is strengthening its workforce through training, global partnerships and internal capacity-building initiatives, including efforts to prepare staff for emerging technologies such as artificial intelligence.
He added that the company is breaking down internal silos and adopting an integrated approach across its upstream, midstream and downstream operations to maximise value and improve efficiency, key metrics that investors will scrutinise ahead of any listing.
Reiterating Nigeria’s readiness for business, Ojulari said NNPC remains committed to innovation, strong governance and mutually beneficial partnerships, positioning the company as a compelling investment opportunity on the global stage.
