Bayo Ojulari, Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company (NNPC) Limited, says the company is considering offering between 5 and 10 per cent of its shares through a domestic initial public offering (IPO), with a possible secondary listing in London or New York.

Ojulari disclosed this on Tuesday, November 3, 2026, in an interview with Reuters on the sidelines of the 2026 Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) in the United Arab Emirates.

He said the company could also pursue further listings of its subsidiaries, following a similar approach by ADNOC, the UAE’s state-owned oil company.

According to Ojulari, preparations for the potential IPO could take up the whole of next year, with the primary objective of improving transparency and corporate governance in line with Nigerian law. Raising funds, he said, would be a secondary consideration.

In July 2025, Ojulari said NNPC planned to list on the stock exchange by 2028. However, on September 29, he clarified that no date had been fixed for the IPO, adding that the final decision rests with the company’s shareholders.

On October 14, he said the company was making progress towards a public listing on the Nigerian Exchange (NGX).

Meanwhile, Ojulari disclosed that NNPC was discussing a potential partnership with a Chinese firm over one of its state-owned refineries.

He said Chinese companies had expressed interest in acquiring equity stakes in some of Nigeria’s smaller refineries requiring major rehabilitation, including the Port Harcourt and Warri refineries, rather than limiting their involvement to construction and repair contracts.

The NNPC GCEO said he expected at least one of the smaller refineries to resume production within the next three years, adding that the company was willing to give up as much equity as necessary to secure a long-term, sustainable partnership.