The Nigerian National Petroleum Company Limited has announced that it has not set a fixed date for its proposed Initial Public Offering. According to Group Chief Executive Officer, NNPC Ltd., Bayo Ojulari, the ultimate decision on the IPO rests with the company's shareholders. Ojulari made this statement on Tuesday in Abuja at a news conference on the company's 2025 Audited Financial Statements.
Ojulari emphasized that NNPC is focused on achieving readiness for the proposed IPO, with consultants and relevant parties assessing its preparedness and outstanding actions. He stated that the company is working hard to ensure readiness as soon as possible. However, he noted that determining a date for the IPO is not solely within the company's control.
The decision to proceed with the IPO will be taken by the shareholders on behalf of the country, Ojulari said. He added that the timing of the IPO will be determined by the outcome of the readiness assessment, prevailing market conditions, and other strategic considerations. NNPC's management and board are responsible for ensuring that all requirements and evidence needed to make the company ready for listing are in place.
Transparency, clear accountability, and sustainable performance are critical requirements for achieving readiness for the IPO, according to Ojulari. He emphasized that the company needs to set high standards and ensure transparency, clear accountability, and sustainable performance. Management can only prepare the company for listing, while the decision to proceed will ultimately be taken by the shareholders.
Ojulari stated that the company will communicate the IPO date once the relevant assessments have been completed and the necessary advice received. He noted that NNPC's responsibility is to ensure that all requirements are met, and then the shareholders will make the decision. The company's 2025 Audited Financial Statements were also presented during the news conference.
In the company's 2025 financial report, NNPC's profit rose 33% to N7.2 trillion, and it remitted N22.3 trillion to the government. The company's financial performance has been a subject of interest, with stakeholders monitoring its progress. The proposed IPO is expected to have significant implications for the company and the Nigerian economy.
The NNPC's IPO plans have been closely watched, with some analysts drawing comparisons to other major IPOs, such as the Dangote IPO. However, Ojulari emphasized that NNPC's situation is unique and that the company is focused on achieving readiness for its proposed IPO. The company's management is working to ensure that all requirements are met before proceeding with the IPO.
Key points
- NNPC has no fixed date for its proposed Initial Public Offering.
- The decision to proceed with the IPO rests with the company's shareholders.
- The company is focused on achieving readiness for the IPO, with assessments underway.
