NNPCL Nears Market Listing After Years of Delay as Mele Kyari Exits Amid Alleged Corruption

The Nigerian National Petroleum Company Limited (NNPCL) is finally on the verge of being listed on the capital market, nearly five years after the Petroleum Industry Act (PIA) 2021 made it mandatory—a delay many industry watchers have linked to systemic corruption and institutional resistance to transparency.

The long-anticipated listing process has now entered its final phase, following the recent retirement of Mr. Mele Kyari, Group Managing Director of NNPCL. His exit marks the end of an era that, while marked by major reforms on paper, was also tainted by allegations of internal rot and deliberate efforts to shield the company from the accountability that a public listing would demand.

The PIA, signed into law in August 2021, was celebrated as a historic restructuring of Nigeria’s oil and gas sector, mandating the transformation of the old Nigerian National Petroleum Corporation (NNPC) into a commercially-driven, limited liability company—NNPCL. Central to the Act was the requirement for the company to eventually list on the capital market, thus bringing it under the scrutiny of shareholders, regulators, and the investing public.

But instead of a timely transition, the NNPCL management—under Kyari’s watch—reportedly kept pushing the listing forward year after year. Critics allege that this was not due to technical bottlenecks but rather an effort to avoid the consequences of full disclosure.

“Had NNPCL been listed as required by the PIA, Nigerians would have had clearer insight into how the company operates—its revenue streams, expenditure patterns, and contracts. But the fear of exposure kept the process buried in delay,” said a petroleum sector analyst who requested anonymity.

Under the listing regime, NNPCL will be required to publish regular financial statements, undergo annual audits, and adhere to corporate governance codes—expectations that run counter to how the company has operated for decades.

Several transparency and accountability advocates have, over the years, flagged the NNPCL for opaque dealings, lack of clarity in subsidy payments, unremitted revenues, and questionable contract awards. The reluctance to face the realities of a public company led many to believe that the delay in listing was strategic.

“The truth is, the leadership feared what the market would reveal,” said another industry expert. “Once you’re on the stock exchange, you can’t hide behind government secrecy. Every investor wants to see the books.”

Now, with Kyari out of the picture and new management expected to drive a fresh reform agenda, the Federal Government appears ready to enforce the long-overdue capital market listing. Sources within the Ministry of Finance and the Nigerian Exchange Group (NGX) confirm that final evaluations are ongoing, and a public listing is now expected before the end of 2025.

A senior official from the Securities and Exchange Commission (SEC) stated, “This is a pivotal moment for Nigeria’s oil and gas sector. The listing of NNPCL will not only improve investor confidence but also establish a benchmark for transparency and accountability in government-owned enterprises.”

As the process inches closer to completion, Nigerians will be watching closely. The hope is that this bold step, though delayed, will finally align NNPCL with global standards—transforming it from a secretive behemoth into a responsible national asset.

With the burden of the past behind and a new leadership to chart its future, NNPCL’s success or failure in the capital market will not just define its legacy—it may also determine the fate of Nigeria’s most important revenue earner.

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