The Nigerian National Petroleum Company Limited, NNPCL, is attracting attention over plans to offer between 5 and 10 per cent of its equity to private investors, alongside its latest financial performance, which saw revenue climb to N4.61 trillion and profit after tax reach N509 billion in September 2026.
The Group Chief Executive Officer of NNPCL, Bayo Ojulari, disclosed the proposed share sale in an interview with Reuters, explaining that the state-owned oil company was considering offering between 5 and 10 per cent of its shares to investors through an initial public offering, IPO.
Although Ojulari did not provide a timeline for the proposed stock market listing, he indicated that the company was also considering a secondary listing on either the London or New York Stock Exchange.
The proposed listing would expose NNPCL to greater public scrutiny and private sector investment while allowing the Federal Government to maintain operational control of the national oil company.
Meanwhile, NNPCL’s September 2026 financial and operational report showed that the company generated N4.61 trillion in revenue and recorded a profit after tax of N509 billion during the month.
According to the report, Nigeria’s total hydrocarbon production increased to 3.04 million barrels of oil equivalent per day.
Crude oil and condensate production stood at 1.70 million barrels per day, while natural gas output reached 7,789 million standard cubic feet per day.
On Wednesday afternoon, NNPCL retail outlets in Abuja reduced fuel pump price to N1,315 per litre from between N1,370 and N1,405.
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