Nigerian National Petroleum Company (NNPC) Limited has announced that it has not set a date for its proposed public listing of shares. According to Bashir Ojulari, the group chief executive officer, the decision on the IPO is not in the company's hands. He made this statement during a media parley in Abuja on Tuesday. The company is currently focused on achieving readiness for the proposed IPO.
Consultants and relevant parties are assessing NNPC Limited's preparedness and outstanding actions for the IPO. Ojulari stated that when the company is ready, it will communicate the date for the IPO. He emphasized that the company cannot determine the date on its own, as it is the consultants and parties that assess and evaluate that will give a sense of readiness. The company is working to close all outstanding actions to be ready for the IPO.
NNPC Limited's financial performance has improved, with increased profitability due to enhanced operational efficiency and strict fiscal discipline. The company's output surged, with crude oil and condensate hitting a five-year peak of 1.77 million barrels per day. Domestic gas supply also climbed to a three-year high of 7.2 billion standard cubic feet per day. These achievements are attributed to ongoing investments in asset integrity, infrastructure, and execution.
The company's profit after tax rose 33%, from N5.4 trillion in 2024 to N7.2 trillion in 2025. Revenue was N34.5 trillion naira, with earnings per share of N35.9 naira. Taxes, royalties, and other remittances to the government increased by 39% to N22.3 trillion. The improved performance is a result of better operations, despite a decline in revenue due to lower crude oil prices.
NNPC Limited is committed to connecting gas to the market to translate available gas into industrialization. The company's ambitions include crude oil production of 2 million barrels by 2027 and 3 million barrels by 2030. Natural gas production targets are 10 BCF by 2027 and 12 BCF by 2030, underpinned by mobilization of over $60 billion of investment across the energy value chain.
The company has made significant progress with its state-owned refineries through a technical equity partnership model. A three-month intrusive onsite due diligence was carried out with over 34 top engineers, and the objective is to have a self-sustaining, profitable, and sustainable refinery. Ojulari expressed confidence that a pathway forward will be defined soon to bring the refinery back to sustainable and profitable operation.
NNPC Limited's stronger performance gives it more capacity to invest, contribute to public revenue, and strengthen Nigeria's energy security. The company aims to sustain value for its shareholders, communities, and the Nigerian people. With the right ambition and focus, NNPC Limited believes it can attain its goals and mobilize the necessary resources to achieve them.
Key points
- The decision on NNPC Limited's IPO is not in the company's hands.
- NNPC Limited's profit after tax rose 33% to N7.2 trillion in 2025.
- The company targets crude oil production of 2 million barrels by 2027 and 3 million barrels by 2030.
