The Nigerian National Petroleum Company Limited (NNPC Ltd.) is addressing corporate governance and financial reporting gaps as it prepares for a potential initial public offering (IPO), following a 35.4 per cent decline in profit after tax to N2.28 trillion in the first half of 2026.
Bayo Bashir Ojulari, group chief executive officer of NNPC, disclosed this in an interview with Bloomberg on Tuesday, saying the company had completed an initial assessment of its readiness for a public listing and was implementing measures to meet capital market requirements.
“We’ve done the baseline assessment,” Ojulari said, adding that the company was implementing measures “to be IPO ready as soon as possible”.
He said NNPC was also reviewing its business portfolio to determine which assets could be listed, consolidated, restructured or divested ahead of the proposed offering.
“There are some things that cannot even be IPOed,” he said
The company is also reviewing its investments in joint ventures with domestic and international oil companies, including the potential sale of up to 30 per cent of its stakes in some ventures.
Ojulari indicated that a decision on the proposed transactions could be reached in early 2027, as NNPC evaluates proposals from existing partners and prospective foreign investors.
The company recorded a profit after tax of N2.28 trillion in the six months ended June 2026, compared with N3.53 trillion in the corresponding period of 2025, representing a decline of approximately N1.25 trillion.
Monthly profit stood at N385 billion in January before falling to N136 billion in February. Earnings recovered to N276 billion in March and N481 billion in April, before moderating to N462 billion in May and rising to N535 billion in June.
The June result was the company’s strongest monthly profit in the first half of the year, although it was insufficient to offset the decline recorded earlier in the period.
