Tinubu revives NNPC listing plan

President Tinubu told the Nigerian Exchange Group on 6 August that NNPC Limited will be reformed and listed on the capital market, promising "the totality of it, not just arms and legs" would reach the NGX.

The idea was first documented in 2016 and ordered by the 2021 Petroleum Industry Act. NNPC Group CEO Bayo Ojulari said in July 2025 the company has a roadmap to be listed by 2028. The company has commenced an IPO Beauty Parade with prospective partners to ensure compliance with capital market regulations, though there is no approved transaction, no National Economic Council endorsement, no SEC Nigeria registration and no filing with the Nigerian Exchange.

The key facts

Why it matters

A 10% float at a conservative $40 billion valuation (approximately ₦60 trillion) would surpass current mega-caps such as Airtel Africa and Dangote Cement by a vast margin and potentially double the weight of the energy sector on the index. It’ll be the second major energy-related listing, alongside Dangote Refinery NGX and potential JSE listing later this year.

For investors, this would create a liquid way to access Nigeria's oil revenue stream—assuming the government follows through. In February 2026 Tinubu stripped NNPC of its 60% share of production-sharing proceeds, improving fiscal discipline but raising questions about the company's cash flow ahead of a listing. Watch the NGX Oil/Gas index for repositioning as details emerge.

What to look out for

Watch for three things before treating this as real: a National Economic Council endorsement, a transaction adviser mandate, and audited 2025 accounts.

The government has promised an NNPC IPO every year since 2022; delivery will signal serious intent on transparency and capital-market depth.