Nigerian National Petroleum Company Limited is drawing investor attention as it weighs selling a minority stake through an initial public offering while reporting stronger September 2026 earnings, including N4.61 trillion in revenue and N509 billion in profit after tax.
Minority IPO under consideration
NNPCL Group Chief Executive Officer Bayo Ojulari said the state-owned energy company is examining an IPO that would make between 5% and 10% of its equity available to private investors.
- The potential transaction would open part of NNPCL’s ownership to outside investors while leaving the Federal Government with operating control of the national oil company.
- Ojulari did not specify when the company could seek a stock-market quotation.
- NNPCL is also considering an additional listing on either the London Stock Exchange or the New York Stock Exchange.
- A public listing would subject the company to increased disclosure requirements and investor scrutiny, while potentially broadening access to private-sector capital.
September revenue and profit performance
NNPCL’s financial and operational report for September 2026 showed that the company earned N4.61 trillion in revenue during the month. Profit after tax was reported at N509 billion.
The figures underline the importance of oil and gas output to the company’s finances as Nigeria works to sustain production volumes and improve returns from its hydrocarbons sector.
Oil and gas production rises
Total Nigerian hydrocarbon production rose to 3.04 million barrels of oil equivalent per day in September, the report said.
- Crude oil and condensate production reached 1.70 million barrels per day.
- Natural-gas output stood at 7,789 million standard cubic feet per day.
Abuja fuel prices lowered
On Wednesday afternoon, NNPCL retail stations in Abuja reduced their petrol pump price to N1,315 per litre. The price had previously ranged from N1,370 to N1,405 per litre.
