The Nigerian National Petroleum Company Limited (NNPC Ltd.) has announced that it currently does not have a fixed date for its anticipated Initial Public Offering (IPO). According to Bayo Ojulari, the Group Chief Executive Officer, the decision to proceed with the IPO ultimately lies with the shareholders.
During a recent news conference in Abuja, Ojulari highlighted that the company is actively working towards being ready for the IPO, with consultants assessing its preparedness. He reiterated that the management cannot independently set a date for the offering.
Ojulari emphasized that the timing of the IPO will depend on the readiness assessment, prevailing market conditions, and other strategic considerations. He stated that ensuring transparency, accountability, and sustainable performance are critical as NNPC Ltd. prepares for a potential listing.
The journey towards the IPO has been ongoing for several years, with NNPC previously indicating plans for a listing on the Nigerian Exchange (NGX). The company aims to meet necessary standards before proceeding, and it will communicate the IPO date once assessments are completed.
In previous statements, Ojulari mentioned a roadmap for listing by 2028, aligning with the Petroleum Industry Act (PIA) 2021, while President Bola Tinubu has also expressed intentions to reform and list NNPC to enable broader ownership among Nigerians and other investors.