Ojulari Discloses Plans for London, New York Stock Exchange Listings as NNPCL Reports N509bn Profit
The Nigerian National Petroleum Company Limited (NNPCL) is considering selling between 5 and 10 per cent of its shares to private investors through an initial public offering (IPO), as the state-owned oil firm explores options to attract investment and expand its presence in the capital market.
The Group Chief Executive Officer of NNPCL, Bayo Ojulari, disclosed the plan in an interview with Reuters, noting that the company was weighing the proposed equity sale.
Although no date has been fixed for the IPO, Ojulari said the company was also considering a secondary listing on either the London Stock Exchange or the New York Stock Exchange.
The proposed move would open the company to greater private-sector participation and public scrutiny while allowing the Federal Government to retain operational control.
The development comes as NNPCL reported a revenue of N4.61 trillion and a profit after tax of N509 billion in September 2026, according to its latest financial and operational report.
The report also showed that Nigeria’s total hydrocarbon production rose to 3.04 million barrels of oil equivalent per day during the month.
Crude oil and condensate production accounted for 1.70 million barrels per day, while natural gas output stood at 7,789 million standard cubic feet per day.
Separately, NNPCL retail outlets in Abuja reduced their petrol pump price on Wednesday afternoon to N1,315 per litre, down from the previous range of N1,370 to N1,405 per litre.
