NNPC Limited has not fixed a date for its proposed initial public offering, with management still focused on completing the requirements for a potential listing, Group Chief Executive Officer Bashir Bayo Ojulari has said.
The Nigerian National Petroleum Company Limited is yet to set a date for its proposed initial public offering as consultants and other relevant parties continue to assess the company’s readiness for a potential listing.
Ojulari disclosed this during a media briefing in Abuja on Tuesday following the company’s Annual General Meeting and the release of its 2025 audited financial results.
“We don’t have a date for the IPO at this time. When we do, we’ll communicate that,” Ojulari said.
He explained that NNPC’s management could not independently determine the timing of the offering, as consultants and other parties involved in the readiness assessment would need to complete their evaluation before a timeline could be established.
According to him, management’s immediate responsibility is to ensure that the company meets the necessary requirements for a listing, while the final decision on whether and when to proceed rests with NNPC’s shareholders.
Ojulari said the company was working towards closing outstanding actions identified during its assessment of listing requirements.
“They will look at the closure of all those actions, and based on that, they will be able to advise when the team will be ready,” he said.
He stressed that the distinction between preparing NNPC for an IPO and deciding to undertake the offering was important.
“Remember what I said, we can only focus on readiness. The decision to take IPO is not ours. It’s the shareholders that will take ultimately that decision on behalf of the country,” Ojulari said.
The timing would also depend on the outcome of the readiness assessment, market conditions and other strategic considerations, according to the company.
Ojulari said NNPC would need to demonstrate transparency, accountability and sustainable performance as it prepares for a potential listing.
The company has been pursuing an IPO as part of its broader transition into a commercially focused energy company following its incorporation under the Petroleum Industry Act.
NNPC had previously indicated that it was working towards a potential stock market listing, with Ojulari saying in 2025 that the company had a roadmap targeting a listing by 2028.
However, the latest comments indicate that no firm date has been established.
The IPO update came as NNPC reported a 33 per cent increase in profit after tax to N7.2 trillion for the year ended December 2025.
Revenue declined 23.5 per cent to N34.5 trillion from N45.1 trillion in 2024, while EBITDA increased 22 per cent to N18 trillion.
Operating cash flow also rose 16 per cent to N12.8 trillion, while earnings per share increased 32 per cent to N35.9.
NNPC declared a N5.8 trillion dividend for the year, representing a 35 per cent increase from the previous year.
The company attributed the revenue decline largely to lower crude oil prices and reduced white-product volumes following the deregulation of the downstream petroleum market.
Ojulari said NNPC management and its board would continue to focus on building the evidence and track record required for a potential public listing.
He added that the proposed listing would ultimately require shareholders to determine whether and when the company should proceed.
NNPC said it would communicate a timeline once the relevant assessments have been completed and the necessary advice received.
