NNPCL started the governance reform before the long-awaited public list

Nigerian National Petroleum Company Limited (NNPCL) has begun a overhaul of corporate governance that sweeps in preparation for the long-awaited Public Offering (IPO), according to the company’s Financial Officer Chief, Adedapo Segun.

Speaking during the Panel Session at the 24th Nigerian Oil and Gas Energy Week in Abuja on Friday, Segun confirmed that the transition from the company managed by the government to the company registered in public was taking place, describing the IPO initiative as part of the broader “national transformation” agenda.

“We have been doing preparations for a long time now,” said Segun. “For us, this is more than a corporate milestone, this is a national necessity. We re -harmonize our structure, culture, and operations to be in accordance with the expected global standards of the registered company.”

NNPCL, which became a limited liability company in July 2022, after the implementation of the oil industry law, has since been operating with commercial autonomy. However, decades of bureaucratic heritage continue to cause structural and cultural obstacles.

One of the most resilient challenges, according to Segun, lies in changing the internal culture of the organization. After operating for decades under the NNPC law that has no existing, transition to market-oriented mindset has been proven to be complex.

“We discuss this through reorientation and also through dilution,” he said. “This is not something that you reject overnight. But we are determined. Corporate governance is being restructured in a phase, and some organizational segments are ready for IPO.”

CFO added that sustainable efforts include redefining the framework of corporate governance, reforming internal processes, and creating an operating environment that is conducive to transparency, accountability, and continuous growth. He noted that executive leadership was in harmony with IPO standards, but the aim was to ensure readiness in all departments and organizational levels.

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NNPCL Public List, if realized, will mark significant changes in the Nigerian oil and gas landscape. This will open a state -owned company for public investment, market supervision, and tighter performance mandate. However, this transformation still depends on critical prerequisites, including the issuance of audited financial statements and cleaning opaque subsidized payments and pseudo-fiscal interventions.

The company’s financial records, including 2024 audited accounts, have not been published. Analysts note that the lack of financial clarity remains the main stumbling block in gaining investor trust. For successful IPOs, NNPCL must also show a strong cash flow, a stable debt to equity ratio, and consistent income growth.

In addition, companies need to face the potential for investor skepticism born from efforts that previously failed in the list. In 2018 and again in 2023, the IPO plan was announced but never produced results, damaged credibility and asked questions about the current efforts.

Segun asked the Nigerians to support the company’s transformation process, frame the IPO as a patriotic necessity rather than pure financial transactions.

“This is a call for all Nigerians to rise and support this transformation. We are building a world -class company that is able to provide long -term value to stakeholders and the economy,” he said.

If successful, IPO can be a turning point for economic diversification and the agenda of the Nigerian oil sector reform. This will also set a precedent for how state -owned companies can switch to competitive market actors under the right legal framework and governance.

However, the road to the public list remains uncertain. The complexity of the inheritance, cultural inertia, and political intervention can delay or thwart progress unless there is a continuous commitment at the executive and legislative levels to uphold transparency and protect the interests of investors.

When the transition of global energy continues to re -form investment priorities, the ability of NNPCL to harmonize with environmental, social and governance (ESG) benchmarks will also be a factor in its attraction to international investors.