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NNPC Advances IPO Plans as it Addresses Governance, Financial Reporting Gaps
NNPC Advances IPO Plans as it Addresses Governance, Financial Reporting Gaps
October 18, () – The Nigerian National Petroleum Company Limited (NNPC Ltd.) is advancing plans for its initial public offering (IPO) as it implements governance reforms and addresses financial reporting gaps identified by its advisers ahead of a potential capital market listing.
The Group Chief Executive Officer of NNPC Ltd., Bayo Bashir Ojulari, disclosed this during an interview with Bloomberg, explaining that the company had completed its preliminary assessment and was implementing corrective measures to meet listing requirements.
The development comes as Dangote Petroleum Refinery and Petrochemicals FZE extended its ongoing $1.6 billion IPO by two weeks, moving the subscription deadline from October 13 to October 27, following approval from the Securities and Exchange Commission (SEC).
Ojulari said NNPC had completed an initial assessment of its readiness for a public listing and was addressing deficiencies identified by its advisers, particularly in financial reporting and corporate governance.
He explained that the company was implementing corrective measures to meet IPO requirements, although its operations across multiple segments of the oil and gas industry could make the listing process more complex than that of Dangote Petroleum Refinery.
“We’ve done the baseline assessment,” Ojulari said, adding that the company was implementing measures “to be IPO ready as soon as possible. There are some things that cannot even be IPOed. You have to decide whether you do a portfolio rationalization on them, consolidate them, or, you know, exit those items when that time comes.”
Unlike Dangote’s refining business, NNPC operates across crude oil exploration and production, pipelines, refining, trading and retail distribution, requiring decisions on whether to list individual units, consolidate operations or divest certain assets. Beyond the IPO, NNPC is reviewing its investments in joint ventures with domestic and international oil companies, including the potential sale of up to 30% of its stakes in some ventures.
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Ojulari indicated that a decision could be reached in early 2027, as the company evaluates proposals from existing partners and prospective foreign investors to attract technical expertise and funding.
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