President Bola Tinubu has reaffirmed his administration’s intention to reform and list Nigerian National Petroleum Company Limited (NNPC Ltd) on the Nigerian capital market, signalling a potentially significant shift in the ownership and governance of the state-owned energy company.
Tinubu made the commitment on August 6, when he received the board and management of Nigerian Exchange Group (NGX Group) at the State House in Abuja. The delegation, led by NGX Group Chairman Umaru Kwairanga and Group Managing Director and Chief Executive Temi Popoola, briefed the president on the stock market’s recovery and expansion. The State House and NGX said market capitalisation had risen from about N30 trillion in 2023 to roughly N160 trillion.
Tinubu said NNPC would be reformed and listed in the capital market as part of efforts to expand investment opportunities for Nigerians. The statement, however, did not announce an initial public offering (IPO), a valuation, the percentage of shares that could be offered, transaction advisers or a definitive listing date.
The announcement builds on an earlier roadmap disclosed by NNPC Group Chief Executive Bayo Ojulari in July 2025, when he said the company planned to list on the stock exchange by 2028. That target remains the clearest publicly stated timetable, although the latest presidential announcement did not independently confirm a revised schedule or provide details of the proposed transaction.
Any eventual listing would also have to comply with Nigeria’s legal and regulatory framework. NNPC Ltd was created under the Petroleum Industry Act (PIA) 2021 as a commercial company, with the Federal Government retaining ownership of its shares. The PIA provides the statutory framework governing the company and petroleum-sector assets, meaning any change in government ownership would require appropriate legal and regulatory processes.
The proposed listing comes amid wider efforts to change how NNPC operates and how petroleum revenues reach government. In February, Tinubu issued Executive Order 9 of 2026, directing NNPC to stop collecting the 30% management fee and 30% Frontier Exploration Fund allocation from specified petroleum revenues, with affected revenues redirected to the Federation Account. The Federal Ministry of Finance said the measure was designed to strengthen revenue management and reduce leakages.
A successful listing could subject NNPC to greater disclosure, governance and investor scrutiny while giving domestic investors an opportunity to own stakes in one of Nigeria’s most strategically important companies.
For now, however, the president’s statement should be treated as a renewed policy commitment rather than confirmation of an imminent NNPC IPO. The credibility of the plan will ultimately depend on the publication of a clear timetable, valuation methodology, ownership structure and regulatory roadmap.
