NNPC listing: Tinubu signals plan to sell shares on NGX

President Bola Ahmed Tinubu has hinted that his administration’s economic reform would eventually include the listing of the shares of the Nigerian National Petroleum Company (NNPC) Limited on the Nigerian Stock Exchange (NGX).

This was made known by President Tinubu when he received the board and management of the Nigerian Exchange Group at the State House, Abuja, on Thursday, August 6, 2026.

President Tinubu said the NNPC will be reformed and then listed in the capital market, enabling it to become a publicly traded company, allowing Nigerians and other investors to buy and own shares through the Nigerian Stock Exchange.

He reinforced his administration’s commitment to leveraging the capital market to mobilise investment, broaden public ownership and accelerate national economic development.

What he is saying

Tinubu also referred to another state-owned oil company, Aramco, which is publicly quoted and owned by the Saudi Arabian government.

• ‘’The expansion is all for us, and I could look back and look at Aramco and others and see how the oil-producing company of Saudi Arabia was, the life of a publicly quoted company. We can refine and do NNPC reform to the extent that one day, the totality of it, not just the arms and legs, the totality of it will be listed there.
• ‘’I thank you all, all the revenue service and many other people in the team for what they are doing,’’ Tinubu said.

Speaking at the occasion, the  Minister of Finance and the coordinating Minister of the economy, Taiwo Oyedele, said,

• “The stock market has experienced significant growth over the past few years, especially in the last three years as a result of the reforms in the economy. So much so that the capital market in Nigeria is the best performing in the world.
• ‘’The capital market is one of the fastest ways to create wealth for millions of Nigerians.’’

More insight

In July 2025, the Group Chief Executive Officer of the NNPC, Bayo Ojulari, declared that the company is now on track and has a roadmap to be listed on the stock exchange by 2028 as part of its strategic transformation into a commercially viable, globally competitive energy company.

• “As I mentioned earlier, we have a roadmap to be listed by 2028,” Ojulari announced to the audience, comprising global energy leaders, OPEC ministers, oil company executives, international investors, and key stakeholders in the oil and gas industry.
• The Nigerian Exchange Group, led by the Chairman, Dr Umaru Kwairanga, and the Group Managing Director/Chief Executive Officer, Temi Popoola, briefed the President on the rebound of the market from N30 trillion in 2023 to N160 trillion today.

President Tinubu commended the Economic Management Team, made up of the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele; the Minister of Budget and National Planning, Atiku Bagudu; the Central Bank Governor, Yemi Cardoso, and Chairman/CEO of the National Revenue Service, Dr Zacch Adedeji, for their foresight, dedication and diligence.

• “I can see the excitement in the room. All I can do is to celebrate you all today. It is a thing of joy to have this feedback. When we took over, it was very challenging. I had to talk to myself and define my background to accept the assets and liabilities of my predecessor.   
• “I found a partner in the CBN Governor, Yemi Cardoso. We were in the negative with monetary policy and the reserve. We had N30 trillion printed, and there were liabilities. I thank you very much, Yemi Cardoso.’’ 

What you should know

In March 2025, the NNPC had hinted that it was in the final stages of listing on the capital market as it prepares for an Initial Public Offering (IPO) in line with the Petroleum Industry Act (PIA) 2021.

Olugbenga Oluwaniyi, the company’s Chief Finance and Investor Relations Officer, revealed that NNPC Ltd has commenced an “IPO Beauty Parade”, a strategic engagement with prospective partners to ensure compliance with capital market regulations ahead of its planned listing.

• “The Nigerian National Petroleum Company Limited (NNPC Ltd) is at the final stage of getting listed in the capital market, in keeping with the provisions of the Petroleum Industry Act (PIA) 2021,” the statement read in part.