The Nigerian Nationwide Petroleum Corporate Restricted (NNPC Ltd.) is advancing plans for its preliminary public providing (IPO) because it implements governance reforms and addresses monetary reporting gaps known through its advisers forward of a possible capital marketplace list.
The Staff Leader Govt Officer of NNPC Ltd., Bayo Bashir Ojulari, disclosed this all over an interview with Bloomberg on Tuesday, October 13, 2026, explaining that the corporate had finished its initial overview and was once enforcing corrective measures to fulfill list necessities.
The improvement comes as Dangote Petroleum Refinery and Petrochemicals FZE prolonged its ongoing $1.6 billion IPO through two weeks, shifting the subscription closing date from October 13 to October 27, following approval from the Securities and Trade Fee (SEC).
NNPC addresses gaps forward of IPO
Ojulari mentioned NNPC had finished an preliminary overview of its readiness for a public list and was once addressing deficiencies known through its advisers, specifically in monetary reporting and company governance.
He defined that the corporate was once enforcing corrective measures to fulfill IPO necessities, even if its operations throughout a couple of segments of the oil and fuel business may just make the list procedure extra complicated than that of Dangote Petroleum Refinery.
- “We’ve completed the baseline overview,” Ojulari mentioned, including that the corporate was once enforcing measures “to be IPO in a position once conceivable.”
- “There are a few things that can’t also be IPOed,” he mentioned.
- “It’s important to make a decision whether or not you do a portfolio clarification on them, consolidate them, or, you understand, go out the ones pieces when that point comes.”
In contrast to Dangote’s refining trade, NNPC operates throughout crude oil exploration and manufacturing, pipelines, refining, buying and selling and retail distribution, requiring choices on whether or not to listing person gadgets, consolidate operations or divest sure property.
Past the IPO, NNPC is reviewing its investments in joint ventures with home and global oil corporations, together with the possible sale of as much as 30% of its stakes in some ventures.
Ojulari indicated {that a} resolution might be reached in early 2027, as the corporate evaluates proposals from current companions and potential international traders to draw technical experience and investment.
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 below the Petroleum Trade Act (PIA) 2021.
Alternatively, in September 2026, NNPC clarified that it had not fixed a date for the proposed IPO, stressing that the general resolution would leisure with its shareholders.
NNPC benefit falls 35% in 2026
NNPC’s arrangements for a public list come amid a decline in its monetary efficiency all over the primary 1/2 of 2026, regardless of last successful during the length.
- In line with monetary information reviewed through 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 length of 2025.
- NNPC started 2026 with a benefit of N385 billion in January prior to income declined to N136 billion in February, its lowest per thirty days outcome all over the length.
- Benefit recovered to N276 billion in March and greater additional to N481 billion in April.
Even though income moderated to N462 billion in Would possibly, they rebounded to N535 billion in June, the corporate’s most powerful per thirty days efficiency within the first 1/2 of 2026.
The figures introduced NNPC’s cumulative first-half benefit to roughly N2.28 trillion, representing a decline of N1.25 trillion when put next with the corresponding length of 2025.