- President Bola Ahmed Tinubu revives plan to list NNPC on the NGX to attract fresh investment into the oil and gas sector.
- The listing could strengthen NNPC’s finances, transparency and capacity to support Nigeria’s energy industry.
NNPC is back in line for a public listing after years of delays, with the Federal Government now signaling plans to take the national oil company to the Nigerian Exchange (NGX).
President Bola Ahmed Tinubu revived the plan on August 6 2026 during a meeting with NGX Group executives. He said the government intends to eventually list the entire company. The move could bring major changes to Nigeria’s petroleum industry. A public NNPC would face greater scrutiny from shareholders and investors while opening the company to new sources of capital.
Officials first proposed the listing in 2016. The Petroleum Industry Act later provided a legal framework for the move in 2021. Yet the government has not completed the process.
NNPC’s size makes the proposed listing particularly significant. BusinessDay estimates that the company controls assets worth between $150 billion and $153 billion. The company also occupies a unique position in Nigeria’s oil industry. NNPC holds the government’s interests in petroleum projects and works with international and indigenous producers. That position makes its financial health important to the wider sector. Weak performance at NNPC can affect investment, oil production and government revenue.
A public listing could therefore force the company to improve its financial transparency and corporate governance. It could also give investors a clearer view of its assets, liabilities and operations. However, NNPC still faces several hurdles before it can enter the market. Investors will want clearer financial records and stronger evidence of consistent revenue remittances.
The company has faced questions over its financial management in the past. Former Central Bank Governor Sanusi Lamido Sanusi once accused NNPC of failing to remit $20 billion to government coffers. The allegation triggered years of political and financial scrutiny. More recently, the World Bank raised concerns over NNPC’s handling of petrol subsidy savings. In May 2025, it reported that the company had passed on only about half of the savings generated by the subsidy reforms.
NNPC’s operating model also presents challenges. Wood Mackenzie analysts said much of its production comes from assets operated by international oil companies and indigenous producers. This means future growth will depend partly on how much capital those partners commit to Nigeria. The analysts said NNPC has major ambitions but needs stronger investment across the industry to achieve them.
Tinubu has pointed to Saudi Aramco as a model for the Nigerian company. Aramco’s 2019 IPO raised billions of dollars after years of preparation and extensive financial and governance reforms. NNPC will need similar preparation before investors can assess it on the same scale. The company must strengthen its balance sheet, clarify its obligations and demonstrate stronger commercial discipline.
The proposed listing also comes as Nigeria’s energy market attracts new investor interest. Dangote Petroleum Refinery and Petrochemicals is targeting a $5 billion IPO on the NGX. The two listings could give investors greater exposure to Nigeria’s oil and gas value chain. They could also channel more private capital into production, refining and energy infrastructure.
The NGX is already providing a strong backdrop for the move. The exchange has returned 57.8 per cent this year, while its market capitalization reached ₦158.51 trillion in the week ended August 7 2026.
For NNPC, however, getting listed will be only part of the challenge. The bigger test will be convincing investors that Nigeria’s national oil company can operate as a transparent and commercially driven energy business.