NNPC says proposed IPO has no fixed date

The Nigerian National Petroleum Company Limited has said it has not set a date for its proposed initial public offering, stressing that the final decision will be taken by its shareholders. NNPC Group Chief Executive Officer Bayo Ojulari disclosed this on Tuesday in Abuja at a news conference following the company’s annual general meeting and the presentation of its 2025 audited financial statements. Ojulari said the company was working towards readiness for a possible listing.

Consultants and other relevant parties were assessing the company’s preparedness and identifying outstanding requirements, he said. “We don’t have a date, but we are working hard to make sure we are ready as soon as we can,” Ojulari said. He added that management could not independently determine when the IPO would take place.

According to the chief executive, the shareholders would ultimately decide whether to proceed with the offering on behalf of the country. The timing would also depend on the outcome of readiness assessments, prevailing market conditions and other strategic considerations. Ojulari said the responsibility of NNPC’s management and board was to ensure that all requirements and evidence needed for a potential listing were in place.

He identified transparency, clear accountability and sustainable performance as key conditions for readiness. “Therefore, we need to set our bar where it belongs. To do that, we have to make sure there is transparency, clear accountability and sustainable performance,” he said.

He said NNPC would announce the IPO date after the relevant assessments had been completed and the necessary advice received. The source material does not state the proposed size of the offering, the possible exchange listing or the identity of the consultants involved.