Nearly four years after the Petroleum Industry Act (PIA) came into effect, the Nigerian National Petroleum Company Limited (NNPCL) has announced plans to list its shares on the Nigerian stock market, allowing citizens and investors to own a stake in the national oil giant.
The move signals a major shift in Nigeria’s energy sector, creating opportunities for public participation, increased transparency, and improved financial returns for the government.
By offering shares to the public, NNPCL aims to raise capital while enabling Nigerians to share in the company’s profits through dividends.
Analysts view this development as a strategic path toward democratizing the ownership of national resources, strengthening corporate governance, and boosting government revenue through taxes, royalties, and shareholder payouts. It marks a bold step forward in transforming NNPCL into a commercially viable and publicly accountable entity.
The NNPCL announced this in a statement on Thursday, March 27 signed its chief corporate communications officer, Olufemi Soneye.
He said the NNPCL is at the final stage of getting listed in the capital market, in keeping with the provisions of the Petroleum Industry Act (PIA) 2021.
According to Soneye, the company’s finance boss, Olugbenga Oluwaniyi, mentioned this at a meeting with their partners in Abuja on the same Thursday.