Bayo Ojulari, chief executive officer (CEO) of the Nigerian National Petroleum Company (NNPC) Limited, says the firm is making progress towards a public listing on the Nigerian Exchange (NGX).
In an interview with Bloomberg on Tuesday, Ojulari said the
development followed the successful precedent set by billionaire Aliko
Dangote’s share offering in his refining company.
“We’ve done the baseline assessment,” Ojulari said.
He said the company is currently addressing gaps identified
by its advisers, including changes to some reporting structures and governance
frameworks.
The development comes two days after the Dangote Group
announced plans to extend the application deadline for its initial public
offering (IPO) by two weeks to allow investors in more African countries to
participate in the listing.
On October 6, Vice-President Kashim Shettima urged the NNPC
to surpass expectations when it lists on the NGX, citing the Dangote refinery’s
performance.
In July 2025, Ojulari said the NNPC planned to list on the
stock exchange by 2028.
However, on September 29, he said the company had not fixed
a date for its IPO, adding that the decision ultimately rests with its
shareholders.
Ojulari had said the NNPC had commenced work towards listing
and completed the first phase of a diagnostic and gap assessment exercise.
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