The Vice President, Kashim Shettima, on Tuesday, hinted at the possible impact of the Nigerian National Petroleum Company Limited, NNPCL, being listed on the Nigeria Stock Exchange.
Shettima, while addressing the Group Chief Executive Officer of the NNPCL, Bayo Ojulari, said the company may overwhelm Nigerians, just like the Dangote Refinery did when listed on the Nigerian Stock Exchange.
The vice president spoke while representing President Bola Tinubu at the 5th anniversary celebration of the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, in Abuja.
According to Shettima: “The Chairman, management and staff of NUPRC and of course my very good friend, Bayo Ojulari of the NNPCL.
“I learnt that you are going to the stock market very soon, so you will overwhelm us the way Dangote did.”
Recently, Tinubu had confirmed plans to list the entirety of NNPCL, rather than just separate subsidiaries or business arms on the Nigerian stock exchange.
The move was modelled after Saudi Arabia’s Aramco to drive commercial efficiency and global competitiveness.
The measure was also rooted in the corporate restructuring mandated by the Petroleum Industry Act, PIA, of 2021.
Similarly, Dangote Petroleum Refinery and Petrochemicals recently officially launched its Initial Public Offering, IPO.
The offer, which was branded the “People’s IPO,” officially opened on September 14, 2026, and is scheduled to close on October 13, 2026.
The company is offering 4.1 billion ordinary shares at a fixed price of N525 per share, with the aim to raise N2.15 trillion.
The primary goal of the capital raise is to fund the expansion of the refinery’s processing capacity from 700,000 barrels per day to 1.4 million barrels per day by 2029.
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