President Bola Tinubu says the Nigerian National Petroleum Company Limited is headed for a major overhaul — including a public listing on the Nigerian Exchange.
He made the announcement on Friday at the State House in Abuja while hosting the leadership of the Nigerian Exchange Group. NGX Group Chairman Umaru Kwairanga and Group CEO Temi Popoola led the delegation.
“We will reform the NNPC and list it in the capital market,” Tinubu told the group. He added that positive feedback from economic experts and recent data point to brighter prospects for Nigerians.
The plan isn’t new. On July 12, NNPC Group CEO Bayo Ojulari said the company is working toward an IPO by 2028.
“We have a roadmap to be listed by 2028,” Ojulari said at the time, noting that NNPC is collaborating with industry players to complete its transition to a limited liability company. He also said the company has made “considerable progress” in building a more stable business environment.
The timing lines up with stronger numbers. NNPC reported on Friday that its profit climbed 15% to N535 billion in June.
Also present at the meeting was Zacch Adedeji, Executive Chairman of the Nigeria Revenue Service. He credited the removal of the petrol subsidy — announced less than an hour after Tinubu’s inauguration — with fixing distortions that had weighed on the economy for 40 years.
“That decision is the bedrock of the changes we are seeing today,” Adedeji said.
With the NGX listing now confirmed as part of the reform agenda, all eyes will be on how NNPC structures the IPO ahead of the 2028 target.
