Nigeria’s state owned oil company is rolling out the red carpet for global investors as it prepares for a historic stock market debut.
The Nigerian National Petroleum Company Limited (NNPCL) has set its sights on a 2028 public listing, with top executives actively courting international capital to transform the energy giant into a competitive, profit-driven enterprise.
The ambitious plan, unveiled by Group Chief Executive Officer, Bayo Ojulari, at the 9th OPEC International Seminar in Vienna, represents Nigeria’s boldest attempt yet to reform its oil sector and attract much needed foreign investment.
Ojulari made the announcement in a video shared on the company’s official X handle on Friday, July 11, framing the 2028 target as a centerpiece of NNPCL’s corporate ttransformation
“As I mentioned earlier, we have a roadmap to be listed by 2028,” Ojulari told an audience of energy leaders, ministers, and investors.
“The Petroleum Industry Act (PIA) has reset and brought stabilization to the energy industry, particularly oil and gas in Nigeria. It gives us the roadmap and allows us to monitor our progress.”
His comments highlight how Nigeria’s landmark petroleum law, passed in 2021 after two decades of political wrangling, has become the foundation for NNPCL’s bid to reinvent itself as a commercially viable entity rather than a bureaucratic arm of the government.
The road to 2028 won’t be without obstacles. NNPCL has twice failed to launch an initial public offering (IPO), with aborted attempts in 2018 and 2023 underscoring the challenges of preparing a traditionally opaque state oil firm for the scrutiny of public markets.
Ojulari acknowledged these hurdles, noting that “implementing the Petroleum Industry Act will take time, especially for national oil companies.”
Yet there are signs that this third attempt may differ from past failed attempts. Recent leadership changes have brought private-sector expertise to NNPCL’s board, with Ojulari emphasizing that new directors align with President Bola Tinubu’s agenda to reposition the company for efficiency and global competitiveness.
Transparency has emerged as a recurring theme in NNPCL’s investor pitch. The company’s Chief Financial Officer, Adedapo Segun, previously outlined restructuring efforts during the Nigerian Oil and Gas Energy Week, revealing that NNPCL is rebuilding its operations to meet public listing standards.
“We are working on our corporate governance, our processes, and creating an environment that will support our IPO aspirations,” Segun said.
“We have management that is IPO ready. We need to build an organization that is IPO ready.” These comments suggest NNPCL recognizes that wooing investors requires more than just promising future profits—it demands demonstrable changes in how Africa’s largest oil producer conducts business.
Investor skepticism remains palpable, however. Industry analysts point to lingering concerns such as NNPCL’s delayed audited financial statements and its historical entanglement in fuel subsidy controversies that drained billions from national coffers. The company’s heavy reliance on government influence, rather than market forces, has also raised questions about whether it can truly operate as an independent commercial entity. Ojulari addressed these concerns by highlighting NNPCL’s focus on “strengthening governance structures, promoting transparency, and ensuring operational stability,” though concrete evidence of these improvements will likely determine investor appetite when 2028 arrives.
Financial markets will watch closely to see if NNPCL follows through on another key revelation—that “all strategic possibilities, including partial privatization,” remain under consideration for managing Nigeria’s oil assets.
The extent of any privatization would depend on ongoing internal reviews, but even partial divestment could reshape Nigeria’s energy landscape by introducing new shareholders with demands for profitability and accountability.
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