NNPC plans 5% to 10% share sale to Nigerians, IPO preparation may run into 2027

NNPC plans to sell between 5% and 10% of its shares to investors, with Nigerian investors given priority, Group Chief Executive Officer Bashir Bayo Ojulari said in an interview on Tuesday, November 3, 2026. Preparations for the initial public offering could take at least the whole of 2027, he said.

The proposed listing could let ordinary Nigerians and institutional investors own a stake in the national oil company for the first time. No final offer price or subscription date has been announced.

What NNPC is planning

Ojulari said the initial share offering would focus primarily on Nigerian investors. NNPC could later pursue secondary listings in London or New York. The company is also considering listing some subsidiaries separately, similar to the strategy used by UAE state oil giant ADNOC. That approach would let outside investors buy into selected businesses while government retains substantial ownership and operational control.

He said improving transparency, accountability and corporate governance was the primary objective. Raising additional capital was secondary.

Dangote effect and investor appetite

The plan follows strong demand for Dangote Petroleum Refinery’s ₦2.15 trillion IPO, which closed in October. The offer attracted about ₦6.4 trillion, equivalent to $4.78 billion, in orders from retail and institutional investors. The response points to growing appetite for Nigeria’s energy sector. NNPC’s own sale is still at planning stage.

Chinese interest in Port Harcourt, Warri refineries

Ojulari said Chinese companies have expressed interest in taking equity stakes in smaller refineries that need extensive rehabilitation. The facilities include Port Harcourt and Warri refineries, which have struggled with operational challenges for more than a decade. The investors are considering ownership participation rather than conventional engineering contracts. Under any potential agreement, NNPC would keep at least a 10% equity stake. Ojulari is optimistic that at least one of the refineries could resume production within three years.

The investments could support efforts to revive domestic refining capacity, cut dependence on imported petroleum products and strengthen energy security.

Separate cooking gas discount

NNPC also launched a cooking gas discount scheme, cutting prices by N50 per kilogramme for customers who buy through its Fuel App. In Lagos, the price is N1,200 per kg, down from N1,250. In Abuja, it drops to N1,250 per kg from N1,300.

For Nigerian investors, the NNPC share sale could deepen local participation in the oil sector if the governance reforms promised by management take root before any listing. For the naira, a successful local IPO would pull domestic savings into naira assets, but the timeline means no immediate inflow.