NNPC Ltd. says IPO date undecided as shareholders hold final say, readiness assessments ongoing

NNPC Ltd. has no fixed date for its proposed Initial Public Offering (IPO), with CEO Bayo Ojulari stating shareholders—not management—will decide whether to proceed. He disclosed this at Abuja's news conference following the company's 2025 Audited Financial Statements AGM, emphasizing that consultants and relevant parties must first assess readiness before any timeline emerges. Ojulari stressed management's role is limited to preparing the company via transparency, accountability, and sustainable performance standards, while ultimate authority rests with shareholders acting on behalf of Nigerians.

The IPO timing hinges on readiness assessment outcomes, prevailing market conditions, and strategic considerations. Ojulari referenced NNPC Ltd.'s multi-year preparation journey, including a 2028 listing target mentioned in July 2025 and President Tinubu's August 2026 reaffirmation of market listing plans. The process aligns with the Petroleum Industry Act (PIA) 2021, with prior steps like the 'IPO Beauty Parade' for investor relations partners completed in March 2025.

For Nigerians considering potential ownership stakes, this means monitoring shareholder decisions rather than management announcements. While the 2028 target remains aspirational, actual listing depends on clearing readiness benchmarks and favorable NGX market conditions—factors that could accelerate or delay proceedings. Will you track shareholder communications for clarity, or assess other NGX opportunities while waiting for NNPC Ltd.'s final investment readiness signal?

SOURCE: https://nairametrics.com/2026/09/29/nnpc-says-no-fixed-date-yet-for-proposed-ipo/