NNPC Moves to Sell Shares to Nigerians After Dangote Refinery’s Historic ₦2.15tn IPO
- NNPC plans an IPO offering 5% to 10% of its shares, with Nigerian investors given priority and preparations likely to take until 2027
- The proposed listing follows strong demand for Dangote Refinery’s ₦2.15 trillion IPO, which attracted about ₦6.4 trillion in orders
- Chinese investors are exploring stakes in the Port Harcourt and Warri refineries, with NNPC keeping at least 10% ownership
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Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
Nigeria’s state-owned oil company, Nigerian National Petroleum Company Limited (NNPC), has unveiled plans to sell part of its shares to Nigerians through an initial public offering (IPO), following the historic public share sale by Dangote Petroleum Refinery.
The proposed listing could allow ordinary Nigerians and institutional investors to own a stake in the national oil company for the first time.
Source: Twitter
NNPC Group Chief Executive Officer, Bashir Bayo Ojulari, disclosed the plans in an interview with Reuters on Tuesday, November 3, 2026.
According to him, the company is considering offering between 5% and 10% of its shares to investors, with the Nigerian capital market expected to receive priority.
NNPC considers London, New York listings
Ojulari explained that while the initial share offering would focus primarily on Nigerian investors, NNPC could pursue secondary listings on international stock exchanges in London or New York.
He disclosed that the company was also considering listing some of its subsidiaries separately, adopting a strategy similar to that of the United Arab Emirates' state-owned oil giant, ADNOC.
The approach would allow outside investors to participate in selected businesses while the government retains substantial ownership and operational control.
However, Ojulari stressed that preparations for the proposed IPO could take at least the whole of 2027.
He explained that improving transparency, accountability and corporate governance remained the primary objectives, while raising additional capital would be secondary.
Dangote Refinery's IPO attracts massive demand
NNPC's announcement comes shortly after Dangote Petroleum Refinery recorded overwhelming investor interest in its landmark public offering.
According to Reuters, the refinery attracted approximately ₦6.4 trillion, equivalent to $4.78 billion, in orders from retail and institutional investors.
The strong demand followed the refinery's ₦2.15 trillion IPO, which closed in October.
The development highlights growing investor appetite for opportunities in Nigeria's energy industry.
Unlike Dangote's completed offer, however, NNPC's proposed share sale remains at the planning stage, with no final offer price or subscription date announced.
Chinese investors target Nigeria's struggling refineries
Meanwhile, Ojulari revealed that Chinese companies had expressed interest in acquiring equity stakes in some of Nigeria's smaller refineries requiring extensive rehabilitation.
The facilities include the Port Harcourt and Warri refineries, which have struggled with operational challenges for more than a decade.
Source: UGC
He explained that interested investors were considering ownership participation rather than conventional engineering contracts.
Under any potential agreement, NNPC would retain at least a 10% equity stake.
Ojulari expressed optimism that at least one of the affected refineries could resume production within three years.
The proposed investments could support efforts to revive domestic refining capacity, reduce dependence on imported petroleum products and strengthen Nigeria's energy security.
NNPC announces new cooking gas price
Legit.ng earlier reported that the Nigerian National Petroleum Company (NNPC) Limited has launched a cooking gas discount scheme, cutting prices by N50 per kilogram for customers who purchase through its Fuel App.
With the discount, Nigerians in Lagos will pay N1,200 per kg, down from N1,250, while in Abuja, the price will drop to N1,250 per kg from N1,300.
Source: Legit.ng
