Vice President Kashim Shettima has signalled that a planned Nigerian Stock Exchange listing for Nigerian National Petroleum Company Limited could have a major impact on local investors, drawing a comparison with the market response to Dangote Petroleum Refinery and Petrochemicals.
NNPCL listing plans
- Speaking in Abuja on Tuesday at the fifth-anniversary event of the Nigerian Upstream Petroleum Regulatory Commission, Shettima represented President Bola Tinubu and addressed NNPCL Group Chief Executive Officer Bayo Ojulari.
- He acknowledged the NUPRC’s chairman, leadership and workforce, as well as Ojulari, whom he described as a close friend.
- Shettima said he had been informed that NNPCL would enter the stock market soon, adding that the company could “overwhelm us the way Dangote did.”
- Tinubu recently confirmed that the government intends to float NNPCL as a whole on the Nigerian Stock Exchange, rather than listing only selected subsidiaries or operating units.
- The proposed transaction is designed along the lines of Saudi Aramco’s listing, with the aim of strengthening NNPCL’s commercial discipline and international competitiveness.
- The listing initiative also follows the corporate restructuring requirements established under the Petroleum Industry Act of 2021.
Dangote refinery’s public offering
- Dangote Petroleum Refinery and Petrochemicals has meanwhile formally launched its initial public offering, marketed as the “People’s IPO.”
- The share sale began on September 14, 2026, and is due to end on October 13, 2026.
- The company is offering 4.1 billion ordinary shares at N525 each, targeting proceeds of N2.15 trillion.
- Funds raised are intended to support an expansion in refinery throughput from 700,000 barrels a day to 1.4 million barrels a day by 2029.
