NNPC targets New York and London IPO as $20bn project boosts investor confidence

Nigeria’s state-owned oil company, Nigerian National Petroleum Company Limited (NNPC Ltd), is laying the groundwork for a potential initial public offering (IPO) on major global exchanges, including New York and London.

Group CEO Bashir Bayo Ojulari disclosed the development while speaking at the Nigeria International Energy Summit 2026 in Abuja, where he outlined the company’s ongoing transformation and efforts to attract international investors.

According to him, the planned listing is part of a broader strategy to reposition NNPC as a commercially driven energy company with stronger transparency, improved efficiency, and global competitiveness.

Ojulari stressed that the IPO ambition is not just about raising capital, but about strengthening internal systems and governance structures to meet international market standards.

He noted that ongoing reforms, including leadership restructuring and the integration of talent from international oil companies, are already improving operational performance and investor confidence.

$20bn Bonga project highlights shift in investor sentiment

A key development supporting NNPC’s renewed investor appeal is the $20 billion Bonga Southwest deepwater project, which is being positioned as a landmark investment in Nigeria’s oil and gas sector.

The project reflects growing confidence in Nigeria’s deepwater assets, following years of delayed investment caused by regulatory uncertainty and disputes with international partners.

Ojulari said the project was made possible by new fiscal incentives introduced by the federal government, designed specifically to attract large-scale upstream investments.

Beyond Bonga Southwest, NNPC is pursuing broader production and infrastructure goals, including raising oil output to two million barrels per day in the near term and targeting three million barrels per day by 2030.

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The company is also expanding its gas infrastructure to support industrialisation, electricity generation, and regional energy integration across Africa.

In addition, it is investing in refining capacity and strengthening compressed natural gas and liquefied petroleum gas networks to position Nigeria as a regional energy hub.

As part of its pre-IPO restructuring, NNPC is reviewing its asset portfolio, divesting from underperforming investments and focusing on more commercially viable operations.

Ojulari also highlighted internal reforms aimed at improving efficiency, breaking down operational silos, and building a workforce aligned with global energy industry standards.

While no official timeline has been announced for the IPO, the company says the listing will only proceed when internal readiness, transparency, and financial sustainability targets are fully achieved.