ABUJA, Nigeria — President Bola Ahmed Tinubu has announced plans to fully reform the Nigerian National Petroleum Company Limited (NNPCL) by listing the entire state-owned oil company on the Nigerian Exchange (NGX), marking what could become one of the biggest corporate restructuring moves in Nigeria’s history.
The President unveiled the proposal on Thursday, August 6, 2026, during a meeting with the board and management of the Nigerian Exchange Group alongside members of the Economic Management Team at the Presidential Villa in Abuja.
According to Tinubu, the proposed listing is aimed at transforming NNPCL into a publicly traded company that allows Nigerians and both local and international investors to own shares in the country’s national oil firm.
He said the reform would strengthen transparency, improve corporate governance, attract private investment, and position NNPCL as a globally competitive energy company.
Drawing comparisons with Saudi Arabia’s oil giant, Saudi Aramco, President Tinubu expressed confidence that Nigeria could build a world-class publicly owned energy company capable of driving economic growth while creating value for shareholders.
The planned listing is also expected to deepen Nigeria’s capital market, broaden public participation in the energy sector, and reinforce ongoing reforms designed to improve efficiency and accountability in state-owned enterprises.
If implemented, the move would represent a landmark shift in the ownership and management structure of NNPCL, opening the company to wider public investment through the Nigerian Exchange and potentially reshaping Nigeria’s oil and gas industry.
