Bayo Ojulari, the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), has announced plans for the company to go public by 2028. Speaking at the 9th OPEC International Seminar in Vienna, he articulated that this goal is part of a broader strategy to establish NNPCL as a competitive, profit-driven entity.
Ojulari shared this timeline through a video posted on the company’s official X platform on July 11, attributing the initiative to the reforms set forth by the Petroleum Industry Act (PIA), which he labelled a critical legislative development that brings structure and stability to Nigeria’s energy landscape.
He stated, “With a roadmap in place to achieve a listing by 2028, the PIA has rejuvenated the oil and gas sector in Nigeria, allowing us to monitor our advancement effectively.”
While acknowledging the challenges associated with implementing such reforms, he highlighted the necessity for collaboration among stakeholders and regulators.
Furthermore, Ojulari pointed out recent appointments to NNPCL’s board, emphasising that the new directors possess private sector and international expertise, which is in line with President Bola Tinubu’s objective of increasing the company’s efficiency and market competitiveness.
The GCEO underlined NNPCL’s commitment to building investor confidence through enhanced governance, transparency, and operational stability, asserting that significant progress has been made to ensure a secure business environment in Nigeria.
He also reaffirmed that all strategic options, including partial privatisation, are being evaluated to manage the nation’s oil assets, with final decisions contingent on ongoing internal assessments.
Chief Financial Officer Adedapo Segun previously indicated that the company is restructuring to align with the standards required for a publicly listed firm, focusing on corporate governance and processes to facilitate an initial public offering (IPO).
Despite previous unsuccessful IPO attempts in 2018 and 2023, analysts remain optimistic that recent reforms and restructuring efforts could bolster NNPCL’s prospects, although concerns regarding delays in the 2024 audited financial statements and persistent inefficiencies related to fuel subsidies and government involvement continue to loom.
