NNPC says it plans to join the stock market by 2028 as part of major reforms.
The company’s CEO says the Petroleum Industry Act has set a clear path for growth.
The Nigerian National Petroleum Company Limited (NNPC Ltd) is charting a bold path towards becoming a publicly listed company by 2028, as part of its broader transformation into a commercially-driven and globally competitive energy firm.
This announcement was made by the Group Chief Executive Officer of NNPC Ltd, Bayo Ojulari, during the 9th Organization of the Petroleum Exporting Countries (OPEC) International Seminar held in Vienna, Austria.
Ojulari disclosed this strategic milestone in a video shared on the company’s official X (formerly Twitter) handle on Friday. He told an audience of global oil executives, OPEC ministers, investors, and stakeholders that the listing plan is anchored on the reforms enabled by Nigeria’s Petroleum Industry Act (PIA).
“We have a roadmap to be listed by 2028,” Ojulari said, emphasizing the company’s long-term vision to evolve into a leading player on the international energy stage. He explained that this listing is part of a broader journey of restructuring, spurred by the implementation of the PIA.
The Petroleum Industry Act, signed into law in 2021, is regarded as one of the most significant reforms in Nigeria’s oil and gas sector. Ojulari described the law as a legislative breakthrough that has brought much-needed clarity, structure, and stability to the energy industry.
“The PIA has reset and brought stabilisation to the energy industry, particularly in oil and gas. It gives us a clear path and helps us measure our progress,” he said.
According to him, the reforms under the PIA have already started yielding benefits by attracting new investments, fostering stronger partnerships, and providing certainty across the oil and gas value chain.
He acknowledged that passing and implementing such transformative legislation is no small feat, especially in a sector as complex as oil and gas. “It’s a challenging process anywhere in the world, but with collaboration from industry stakeholders and regulators, we’re making steady progress,” he noted.
Ojulari also praised the recently reconstituted board of NNPC Ltd, describing its members as seasoned professionals with global experience in both the private and public sectors. He stated that the appointments were part of President Bola Ahmed Tinubu’s plan to reposition the national oil company and steer it toward operational excellence and international competitiveness.
“These are consummate professionals and global leaders who have served in multinational companies and major sectors. Their expertise aligns with the President’s vision to build a commercially viable NNPC that competes globally,” Ojulari said.
As part of its efforts to enhance investor confidence, the GCEO highlighted several initiatives that have improved operational stability and security in the country’s oil sector. “We’ve done a lot to provide stability, especially ensuring that businesses in Nigeria feel secure. That’s been a major focus for us,” he said.
Ojulari also stressed the importance of transparency and global best practices in driving the company’s transformation agenda. He reiterated the company’s commitment to accountability and international standards, noting that these values will underpin NNPC’s journey toward being a world-class energy company.
“We are committed to providing leadership and financial prudence of international repute. As we reposition the new NNPC, we will continue to learn from our partners across the globe,” he said.
The GCEO expressed optimism that NNPC Ltd’s transition into a limited liability company, backed by the right policies and personnel, would serve as a catalyst for broader industry reforms in Nigeria.
“With the support of our stakeholders, we are not just transforming NNPC; we’re setting the pace for the future of Nigeria’s oil and gas sector,” he added.
