No Date For IPO Yet— NNPC

…Says listing depends on shareholders

The Nigerian National Petroleum Company (NNPC) Limited has said it has no date for its initial public offering (IPO) yet, and that the decision to list will rest with its shareholders, not management.

Group chief executive officer, Bayo Ojulari, said this while responding to questions from journalists at a briefing in Abuja on the company’s 2025 audited financial results.

“We don’t have a date for the IPO at this time,” he said, adding that a date would be communicated once one is set.

He explained that consultants and other parties assessing the company will advise when it is ready, after reviewing the closure of all identified gaps. Management’s job, he said, is to ensure NNPC Ltd is ready to list, while the final call belongs to shareholders acting on behalf of the country.

That decision will also depend on market conditions and other strategic considerations.

Ojulari said the company has completed the first phase of its diagnostic review of gaps in meeting listing requirements. Work is now under way across the company and its subsidiaries, he said, and management is making good progress.

He said the company must build a track record, and that the results being presented form part of demonstrating it. He restated the company’s ambition to operate at the level of Saudi Aramco.

“To do that, we have to make sure there’s transparency, clear accountability and sustainable performance,” he said, adding that these are what the listing requirements demand.

Ojulari said the listing plan covers the whole company, not only the refineries.

He also tied the IPO to the recovery of debts owed to the company. He said NNPC Ltd cannot be a listed company if it cannot show discipline in collecting money owed for the gas and crude it supplies.