The Nigerian National Petroleum Company Limited is considering selling between five and 10 per cent of its equity to investors through an Initial Public Offering (IPO), with a possible secondary listing on the London or New York stock exchanges.

The proposed move could open the state-owned oil company to greater public scrutiny and private investment while allowing the Federal Government to retain operational control.

The Group Chief Executive Officer of NNPC Limited, Bashir Bayo Ojulari, disclosed this in an interview with Reuters on Tuesday, saying the proposed share sale would focus primarily on Nigeria’s domestic capital market, with an international listing potentially following.

Ojulari explained that the arrangement would provide Nigerians with an opportunity to own shares in the national oil company without the Federal Government relinquishing control of its operations.

He, however, noted that the proposed offering would not happen immediately, as preparations could take at least the whole of next year.

According to him, the primary objective of the planned listing is to strengthen transparency, corporate governance and accountability, while raising additional capital would be a secondary consideration.

The proposal comes as NNPC intensifies efforts to address governance and financial reporting gaps identified during its preparations for a public listing.

The company had earlier indicated plans to list on the Nigerian Exchange, with Ojulari stating in July 2025 that it had developed a roadmap towards achieving the objective by 2028.

However, in September 2026, he clarified that no definite date had been fixed, stressing that the final decision would rest with the company’s shareholders.

Last month, the NNPC chief disclosed that the company had completed a baseline assessment of its readiness for the IPO and was working to address gaps identified by its advisers, particularly in financial reporting and corporate governance.

The latest proposal provides a clearer indication of the ownership structure being considered, although the company has yet to announce a formal offer timetable or valuation.

The proposed listing is backed by the Petroleum Industry Act 2021, which transformed the former Nigerian National Petroleum Corporation into a commercially driven limited liability company in July 2022.

The law requires NNPC Limited to operate profitably without relying on government funding, declare dividends to shareholders and retain 20 per cent of its profits to support business growth.