The Nigerian National Petroleum Company Limited (NNPCL) has set 2028 as the target year for its listing on the stock exchange, according to its Group Chief Executive Officer, Bayo Ojulari. Speaking at the 9th OPEC International Seminar in Vienna, Ojulari said the move is part of a broader strategy to transform the national oil firm into a commercially competitive energy company.

Ojulari confirmed the timeline during an address captured in a video posted on the company’s official X handle on Friday. “As I mentioned earlier, we have a roadmap to be listed by 2028,” he told an audience of energy leaders, ministers, and investors.

He attributed the planned listing to reforms enabled by the Petroleum Industry Act (PIA), which he described as a legislative development that has brought stability and structure to Nigeria’s energy sector. “The PIA has reset and brought stabilisation to the energy industry, particularly oil and gas in Nigeria. It gives us the roadmap and allows us to monitor our progress,” he said.

While acknowledging challenges in executing such legislative changes, Ojulari noted that effective collaboration between industry players and regulators has been central to the reforms so far. “The undertaking of passing such a law would be difficult anywhere in the world, and it takes time to implement, especially for national oil companies,” he added.

The GCEO also pointed to recent leadership changes within NNPCL’s board, noting that the newly appointed directors have private sector experience and international exposure. He described their appointments as aligned with President Bola Tinubu’s efforts to reposition the national oil company.

Ojulari said the company is now working to enhance investor confidence through improved governance, transparency, and operational stability. “We have done quite a lot in terms of providing stability, ensuring that when you do business in Nigeria, your business is secured,” he said.

He reiterated that all strategic options remain on the table, including privatisation elements. “Sale is not out of the question. All the options are on the table, to be frank, but that decision will be based on the outcome of the reviews we’re doing now,” he previously stated in a separate interview.

NNPCL Chief Financial Officer, Adedapo Segun, had earlier confirmed at the Nigerian Oil and Gas Energy Week that the company is undergoing a restructuring process to align with the requirements of a publicly listed entity. According to Segun, work is ongoing to build a governance culture and operational framework suited for an initial public offering (IPO).

“We are working on our corporate governance, our processes, and creating an environment that will support our IPO aspirations. We have management that is IPO ready. We need to build an organisation that is IPO ready,” Segun said.

Despite previous failed IPO attempts in 2018 and 2023, industry analysts say renewed reforms under the PIA and current restructuring efforts could improve the company’s chances this time. However, concerns remain, including the delay in releasing NNPCL’s 2024 audited financial statements and the need to address historical inefficiencies tied to fuel subsidies and broad government intervention.

Ojulari also addressed Nigeria’s energy transition plans, noting that the country is expanding investments in infrastructure to tackle energy poverty. He said sub-Saharan African countries, including Nigeria, are building in-country refining capacity, pipelines, and gas-based industries to increase energy security.

In terms of output targets, Ojulari said Nigeria aims to reach a daily crude oil production of three million barrels and increase gas output to 12 billion cubic feet per day. “We have a clear roadmap to achieve that and we would continue to share that,” he added.

He ended his presentation with an invitation to global investors to engage with NNPCL, promising improved conditions and readiness for investment. “We will show you with action, not words, that Nigeria and NNPC Ltd. are truly ready for business,” he said.

Ojulari also addressed Nigeria’s energy transition plans, noting that the country is expanding investments in infrastructure to tackle energy poverty. He said sub-Saharan African countries, including Nigeria, are building in-country refining capacity, pipelines, and gas-based industries to increase energy security.

In terms of output targets, Ojulari said Nigeria aims to reach a daily crude oil production of three million barrels and increase gas output to 12 billion cubic feet per day. “We have a clear roadmap to achieve that and we would continue to share that,” he added.

He ended his presentation with an invitation to global investors to engage with NNPCL, promising improved conditions and readiness for investment. “We will show you with action, not words, that Nigeria and NNPC Ltd. are truly ready for business,” he said. (The Guardian)