Bayo Ojulari, chief executive of Nigerian National Petroleum Company (NNPC), on Tuesday, said the oil company was weighing opening a five per cent to 10 per cent stake to Nigerians through an initial public offering.

Mr Ojulari told Reuters that the primary listing will focus on the domestic market while a secondary listing in either London or New York would allow foreign investors to participate in the offering.

He said the proposed listing was primarily aimed at improving transparency and corporate governance at the NNPC, with raising funds a secondary objective.

Mr Ojulari did not provide further details about the IPO plans, particularly when the shares would become available for purchase. But Reuters estimated that preparations for the listing would take up most of 2027 before the offering could reach the public.

The NNPC chief also disclosed that some Chinese companies had signalled interest in acquiring stakes in the state-owned oil company.

He explained that some Chinese engineers preferred owning shares in the NNPC to securing refurbishment contracts for some of Nigeria’s smaller, non-operational refineries.

Mr Ojulari had previously said the NNPC was engaging Chinese contractors to revive its smaller refineries in Warri and Port Harcourt. He clarified that the company would retain a minimum 10 per cent stake in any deal with the Chinese firms.

He expects one of the refineries to return to full operational capacity within the next three years, Reuters reported.

Dangote Oil Refinery, Nigeria’s first private indigenous refinery, closed its IPO in October after listing at N525 per share with a minimum of 10 shares per purchase.

The offering attracted strong interest in the domestic market, with subscriptions exceeding N6 trillion.