The Nigerian National Petroleum Company Limited (NNPCL) could go public by 2028, according to its Group Chief Executive Officer, Bashir Bayo Ojulari. Speaking at the 9th OPEC International Seminar in Vienna, Ojulari revealed that the company is exploring full commercialisation and eventual listing, as part of broader corporate governance reforms.
The disclosure follows rising scrutiny over NNPCL’s assets, especially the troubled refineries in Port Harcourt, Warri, and Kaduna. Ojulari confirmed that NNPCL may sell them once the ongoing strategic review wraps up later this year.
Commercial Viability Under Review
Ojulari admitted that the national oil company has “underperformed” on several legacy refinery investments. He acknowledged that years of capital injection, including over $18 billion in cumulative spending, have failed to revive production at state-owned facilities.
“We’re reviewing our refinery strategy. Nothing is off the table not even divestment. Our aim is to ensure every asset delivers commercial value,” he said.
The GCEO added that refinery operations had become a drag on performance, citing obsolete infrastructure and failed turnaround maintenance (TAM) cycles.
Dangote Echoes Doubts Over Government Refineries
Ojulari’s statement closely follows criticism by Aliko Dangote, who recently described Nigeria’s refineries as “too outdated to work.” During a tour of his 650,000 bpd Lekki refinery, Aliko Dangote declared that the government-owned refineries are beyond repair, despite years of heavy spending.
He said former NNPC executives pressured the government, which then cancelled the 2007 refinery sale to his company, claiming the deal was undervalued.
“They’ve spent about $18 billion on those refineries. Today, they still don’t work. Even if you change the engine, the body can’t take the new shock,” Dangote said, likening TAM to retrofitting a 40-year-old vehicle with 2025 technology.
Refineries Face Reality as Output Stalls
NNPCL had previously promised to revive all three refineries by Q4 2024 under former GCEO Mele Kyari, but both Port Harcourt and Warri refineries shut down again within months of restarting.
Multiple stakeholders including the Manufacturers Association of Nigeria and modular refiners have urged the federal government to privatise the assets or sell them as scrap, describing them as a fiscal burden on the national treasury.
Between 2021 and 2024, the government spent over $3.8 billion on refinery rehabilitation, paying ₦8.33 billion monthly in overheads and investing $396 million in TAM between 2013 and 2017.
Listing as a Path to Accountability
Industry analysts see the proposed NNPCL listing as a strategic shift that could bring greater transparency, investor discipline, and access to global capital. However, they caution that governance reforms and asset portfolio restructuring must be completed before any public offer can succeed.
If listed, NNPCL would become one of Africa’s largest publicly traded energy firms, potentially rivalling Sonangol (Angola) and Aramco (Saudi Arabia) in regional investor interest.
“A 2028 listing would force NNPCL to meet global ESG, disclosure, and performance benchmarks, things it has struggled with historically,” said a Lagos-based analyst.
What’s Next?
Ojulari’s roadmap indicates a pivot toward asset efficiency, commercial performance, and capital market readiness. With OPEC+ projecting slow global demand growth and rising non-OPEC supply, NNPCL must reposition or risk commercial irrelevance.