NNPC Ltd Says No Date Set for IPO, Decision Rests with Shareholders
The Nigerian National Petroleum Company Limited has not yet fixed a date for its proposed initial public offering, the company's group chief executive officer, Bayo Ojulari, said on Tuesday in Abuja.
Speaking at a news conference on the company's 2025 audited financial statements, held after its annual general meeting, Ojulari explained that the timing of the listing would be decided by shareholders rather than by management.
He said the company's current focus is on meeting the conditions required for the IPO, with consultants and other parties evaluating its level of preparedness and the steps still outstanding.
"We don't have a date, but we are working hard to make sure we are ready as soon as we can," Ojulari said.
He stressed that the decision to proceed with an IPO does not belong to the company's management. "The decision to take an IPO is not ours. It's the shareholders who will take that decision ultimately on behalf of the country," he said.
Ojulari also noted that the company cannot set a date on its own, adding that the consultants and other parties carrying out the assessment will provide an overall picture of readiness once their work is complete.
According to him, the eventual timing will depend on what the readiness assessment shows, the state of the market at the time and other strategic factors.
He said the duty of the management and board is to put in place every requirement and piece of evidence needed to make the company ready for listing.
Ojulari identified transparency, clear accountability and sustainable performance as essential conditions for that readiness.
"Therefore, we need to set our bar where it belongs. To do that, we have to make sure there is transparency, clear accountability and sustainable performance," he said.
He reiterated that management's role is limited to preparing the company for listing, while the final decision to go ahead rests with the shareholders acting on behalf of the country.
Ojulari said the company will announce the IPO date once the relevant assessments are finished and the necessary advice has been received.
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