At Last, NNPC to List on Nigerian and London Stock Exchanges

The Nigerian National Petroleum Company Limited (NNPC Ltd) has concluded plans to list its shares on both the Nigerian Stock Exchange (NSE) and the London Stock Exchange (LSE).

This is in line with global best practices that will avail the gains of the oil behemoth to the Nigerian public through share offers.

The listings are part of the current transformation under the Petroleum Industry Act (PIA) of 2021, which mandates NNPC to be a purely commercial organization.

The Initial Public Offer, IPO is a major step in its efforts to raise capital independently, enhance operating performance, and break reliance on state capital. The firm, a core player in Nigeria’s crude oil production, is in advanced stages of preparation and well on its way to concluding its Initial Public Offering (IPO).

The IPO will be a landmark for Nigeria’s oil and gas sector, and NNPC Ltd is looking to attract investors from Nigeria as well as abroad according to Reuters reports. The company was finalizing agreements with investment banks and other partners as of March 2025 to ensure the success of the IPO.

The evolution is in line with the PIA’s directive that NNPC Ltd be operated as a more commercially viable and open firm, thus positioning it to compete internationally.

The NNPC Ltd IPO will create an opportunity for the public to invest in one of the largest oil and gas firms in Africa. The company has joint ventures that produce over half of Nigeria’s oil.

Due to the role of oil revenues in the Nigerian economy, the IPO will play a substantial role in the country’s financial environment.

NNPC Ltd has worked closely with the top investment banks to consider its listing alternative for its shares. Shortlisting is on the last stretch, and the company is engaging with prospective investor relations companies to ensure compliance with foreign regulations and make the IPO more appealing to international investors. Having the opportunity of having both on both the Nigerian and London Stock Exchanges will allow the company to utilize diverse foreign markets, positioning it further as a global oil company.

The company’s Chief Financial Officer (CFO) previously indicated that NNPC Ltd would make the decision on where to list by 2024. Nevertheless, the last-minute arrangements are ongoing, with NNPC Ltd poised to complete its IPO listing soon. Industry experts opine that this listing could happen towards the second half of 2025, when NNPC stops being a state-owned entity and begins a new chapter as a listed company.

The IPO will be a major economic benefit to Nigeria. NNPC Ltd is a market leader in the Nigerian oil and gas industry, and its listing will be of considerable interest to investors. The listing will be a plus for the Nigerian government, which will be able to raise additional funds for development and infrastructure projects.

Aside from that, NNPC Ltd’s decision to go public will inject more transparency into its financial transactions. It is part of a broader effort to shake up Nigeria’s oil sector, which has been accused in the past of corruption and inefficiency. By taking its books out for public scrutiny, NNPC Ltd aims to demonstrate a new level of accountability and operating discipline.

As NNPC Ltd prepares for its IPO, the firm will undergo rigorous restructuring to prime it to compete well as a public firm. As part of the exercise, NNPC Ltd will continue to be under the ambit of the Companies and Allied Matters Act (CAMA) of 1990, which governs corporate governance in Nigeria.

The success of NNPC Ltd’s IPO would set a blueprint for the listing of other government-owned businesses in Nigeria and the rest of Africa. As the country struggles to diversify the economy and break its addiction to oil as revenues, the listing of NNPC Ltd would be a significant step towards a more market-driven, transparent oil industry.

In the coming months, further announcements on the developments of the IPO are expected as NNPC Ltd moves closer to joining the ranks of the most prominent oil companies listed on the Nigerian and global stock markets.