The Nigerian National Petroleum Company Limited (NNPC) plans to sell part of its shares to the public through an initial public offering (IPO), with Nigerian investors given first priority. The announcement follows the record-breaking public share sale by Dangote Petroleum Refinery.
What NNPC said about the IPO
NNPC Group Chief Executive Officer Bashir Bayo Ojulari disclosed the plan in an interview with Reuters on Tuesday, November 3, 2026. The company is considering offering between 5% and 10% of its shares, with the Nigerian capital market expected to get priority.
Ojulari said the initial offer would focus mainly on Nigerian investors, though NNPC could later seek secondary listings in London or New York. The company is also weighing separate listings for some subsidiaries, a model similar to the one used by the UAE’s state oil company, ADNOC.
He said preparations could take at least all of 2027, and that improving transparency, accountability and corporate governance is the main goal, with raising capital secondary.
Can you buy NNPC shares now?
Not yet. The proposal is at the planning stage, and no offer price or subscription date has been announced.
Why the Dangote Refinery IPO matters
Dangote Refinery’s ₦2.15 trillion IPO closed in October and, according to Reuters, drew about ₦6.4 trillion ($4.78 billion) in orders from retail and institutional investors. That strong demand shows how much appetite exists for Nigerian energy stocks.
Chinese investors eye Port Harcourt and Warri refineries
Ojulari also said Chinese companies are interested in taking equity stakes in the Port Harcourt and Warri refineries, which have struggled with operational problems for over a decade. NNPC would keep at least a 10% stake in any deal. He expressed optimism that at least one of the refineries could resume production within three years.
