State oil firm sets sights on IPO readiness after 2026 as Ojulari outlines roadmap for global competitiveness at ADIPEC 2025…..
The Nigerian National Petroleum Company Limited (NNPC Ltd) says it is building a high-performing, transparent, and agile organisation that will be ready for an Initial Public Offering (IPO) after 2026, as part of its transformation into a globally competitive energy company.
The Group Chief Executive Officer, Bayo Ojulari, disclosed this during a Bloomberg Fire Chat session at the ongoing Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC 2025) in the United Arab Emirates (UAE).
Ojulari reaffirmed that the company remains on course to be listed on the stock exchange by 2028, consistent with the timeline he previously announced at the 9th Organisation of the Petroleum Exporting Countries (OPEC) International Seminar held in Vienna, Austria, in July.
“As I mentioned earlier, we have a roadmap to be listed by 2028,” Ojulari told an audience that included OPEC ministers, energy executives, investors, and other global oil and gas stakeholders.
According to the NNPC boss, the planned listing aligns with the broader transformation agenda driven by the Petroleum Industry Act (PIA), which, he said, has redefined Nigeria’s energy landscape by promoting efficiency, transparency, and accountability.
“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,” he explained.
In a statement issued on Tuesday by the company’s Chief Corporate Communications Officer, Andy Odeh, Ojulari also highlighted NNPC’s production achievements and future output targets.
He said Nigeria’s crude oil production has now reached 1.7 million barrels per day (bpd), with plans to increase output to 2 million bpd by 2027 and achieve 3 million bpd in the longer term.
Ojulari attributed this progress to NNPC’s redefined partnerships with both International Oil Companies (IOCs) and independent producers, noting that the company has worked to remove legacy obstacles and focus on shared value creation.
“The growth we are seeing is driven by strengthened collaboration with our partners and a focus on efficiency and transparency,” he said.
NNPC’s ongoing transformation aims to position the company as a commercially viable, investor-friendly national oil company, capable of competing effectively in the global energy market.
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