NNPC Ltd’s Group Chief Executive Officer, Bayo Ojulari, has announced plans to list the national oil company on international stock exchanges as reforms continue to reposition the firm to attract global investors.
Speaking at an industry session during the CERAWeek by S&P Global conference in Houston, Ojulari said NNPC is preparing for an Initial Public Offering, with possible listings in global financial centers including New York and London.
He explained that the company is focusing first on strengthening its structure and operations, improving transparency, governance, and performance before moving ahead with the listing.
Ojulari said the goal goes beyond listing shares, noting that NNPC aims to build strong fundamentals, improve efficiency, and deliver projects effectively so investors see long-term value in the company.
He added that the planned IPO is a key part of NNPC’s transition into a commercially focused and globally competitive energy company.
Ojulari also highlighted recent leadership changes that combined experienced internal staff with professionals from international oil companies, which he said has improved the organization’s ability to execute its plans.
He noted that these reforms are already encouraging investor confidence, pointing to new project commitments as evidence of renewed interest.
One major example is the $20 billion Bonga Southwest deepwater project, which he said moved forward after the Federal Government introduced targeted incentives to support investment.
He added that resolving disputes that had delayed projects for nearly twenty years has improved the investment environment, while renewed interest from international oil companies in deepwater assets reflects growing confidence in Nigeria’s energy sector.
Ojulari said NNPC’s transformation strategy rests on five key priorities, with increasing oil production as the main focus.
He stated that the company aims to reach oil production of two million barrels per day in the near term and increase output to three million barrels per day by 2030.
source:thesun.ng
African Energy Council