NNPCL plans to enlist on stock exchange by 2028 – GCEO
GCEO NNPC Ltd, Mr Bashir Bayo Ojulari addresses the staff of the company during his inaugural town hall meeting held at the NNPC Towers, on Thursday. CREDIT: NNPCL
NNPCL plans to enlist on stock exchange by 2028 – GCEO
The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Bayo Ojulari, has declared that the company is now on track and has a road map to be listed on the stock exchange by 2028 as part of its strategic transformation into a commercially viable, globally competitive energy company.
He made the disclosure at the 9th Organisation of the Petroleum Exporting Countries International Seminar recently held in Vienna, Austria.
Our correspondent got the confirmation from a video posted on the official X handle of the company on Friday.
“As I mentioned earlier, we have a roadmap to be listed by 2028,” Ojulari announced to the audience, comprising global energy leaders, OPEC ministers, oil company executives, international investors, and key stakeholders in the oil and gas industry.
According to him, the listing is part of a larger roadmap enabled by the Petroleum Industry Act, which he said has reset and stabilised Nigeria’s energy industry.
“Nigeria has been undergoing a transformational journey since the enactment of the Petroleum Industry Act.
“The PIA has reset and brought stabilisation to the energy industry, particularly oil and gas in Nigeria. It gives us the roadmap and allows us to monitor our progress,” Ojulari said.
He described the PIA as a bold legislative milestone that is already yielding dividends by attracting new investors, strengthening partnerships and providing clarity to stakeholders across the value chain.
“The undertaking of passing such a law would be difficult anywhere in the world, and it takes time to implement, especially for national oil companies.
“But it takes the collaboration of industry players and our regulatory bodies to achieve the greatness we want,” the GCEO stated.
Ojulari further pointed to the newly reconstituted board of directors of the NNPCL, which he described as a team of “consummate professionals and global leaders who have worked across international companies and the private sector.”
He said their appointment is part of President Bola Tinubu’s strategic vision to reposition the NNPCL and build a commercially viable national oil company that can compete globally.
“With the collaboration of our industry players, we would be the catalyst in the transformation of the national oil company to a limited liability company,” he said.
Ojulari also highlighted reforms the company has made to improve investor confidence, including enhanced security and operational stability.
“We have done quite a lot in terms of providing stability, ensuring that when you do business in Nigeria, your business is secured. That has been quite an undertaking,” he said.
He added that the company’s focus on transparency and global best practices will help it achieve its vision of becoming “a national oil company to be reckoned with internationally.”
“We would also ensure that the new NNPC provides the prudence and leadership that is of international repute, and we would continue to learn from all of you as we reposition NNPC,” he said.
Recall that last week at the Nigerian Oil and Gas Energy week, the Chief Financial Officer of the Nigerian National Petroleum Company Limited, Adedapo Segun, confirmed that a corporate governance restructuring is underway at the national oil firm as part of strategic efforts to prepare for its Initial Public Offering.
He also stated the need for a “culture change” at the state-owned company to pave the way for its debut on the stock market.
According to him, preparations have been ongoing for months, with the company working to align its structure, culture, and operations with global best practices for publicly listed firms.
“We are also working on our corporate governance, we are working on our processes, and we are working on creating an environment that will support our IPO aspirations. You can see the corporate governance is done in some bits. We have a part now that is IPO ready. We have management that is IPO ready. We need to build an organisation that is IPO ready,” he stated.
NNPCL became a limited liability company in July 2022 following the implementation of the Petroleum Industry Act.
Since then, it has operated as a commercial entity, seeking profitability and operational autonomy, a sharp shift from its previous role as a government parastatal.
The planned IPO, which is expected to open the company to public investment and scrutiny, has long been anticipated by industry stakeholders and investors.
This has not been helped by the fact that two previous attempts in 2018 and 2023 did not materialise.
In 2018, under a different management structure of the petroleum resources minister of state and managing director of the NNPC, Emmanuel Kachikwu, there were preliminary discussions and some preparations made towards a potential listing.
Another botched attempt was in 2023.
Energy experts insist that the listing of the company may be twice as difficult as it is yet to publish its audited accounts for 2024 and its books require thorough cleaning after years of subsidising petrol and intervening in various sectors of the economy.
On the energy transition front, Ojulari said Nigeria and other sub-Saharan African countries are investing heavily in infrastructure to address energy poverty and increase energy security.
“Nigeria and other sub-Saharan countries are embarking on aggressive in-country infrastructure development, refining, pipelines, and gas-based industries, to solve our energy deficiency problem. These are significant investment opportunities for all of us,” he said.
He also reaffirmed Nigeria’s ambitious production targets, stating that the country is working towards increasing crude oil production to at least three million barrels per day and growing gas output to 12 billion cubic feet per day.
“We have a clear roadmap to achieve that and we would continue to share that. Our oil and gas policies would dramatically improve and further increase our production,” Ojulari said.
Concluding his address, the GCEO made a passionate appeal to global investors to revisit Nigeria’s oil and gas sector with fresh eyes.
“I want to put our commitment to the test,” he said. “I would like to invite you to the new NNPC Ltd. and the new Nigeria. We will show you with action, not words, that Nigeria and NNPC Ltd. are truly ready for business,” he added.
