The Nigerian National Petroleum Company (NNPC) Limited, is ramping up efforts to improve transparency as part of its preparation for a long-awaited initial public offering (IPO), according to its Group Chief Executive Officer, Bayo Ojulari.
Ojulari, speaking at the ADIPEC Energy Conference in Abu Dhabi on Tuesday, said the IPO process is a legal obligation under the Petroleum Industry Act (PIA), which mandates NNPC to move towards public listing within six months of the law’s passage in 2021.
“The IPO journey is by law. The PIA prescribes for NNPC to journey towards achieving IPO. It’s not an option for us,” he said.
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He explained that the company’s efforts to improve transparency were part of laying the groundwork for a successful listing.
“We have begun to publish our monthly performance since May this year and that has continued,” Ojulari noted, though he did not specify a timeline for when the IPO would take place.
In addition to the IPO plans, Ojulari revealed that NNPC is working to increase its equity stake in the Dangote Petroleum Refinery to 20 percent, reinforcing its role in Nigeria’s downstream oil sector.
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The 650,000 barrels-per-day Dangote Refinery, the largest in Africa, began operations last year but has faced challenges competing with cheaper imported fuel.
Ojulari also reiterated NNPC’s commitment to reviving Nigeria’s moribund refineries, saying the firm was in talks with technical equity partners to restore operations at three of its plants that have remained idle despite heavy investments over the years.
The push for transparency and investment diversification comes as NNPC seeks to transform from a state-run entity into a commercially driven energy company, capable of attracting private capital and competing globally.
