When the Nigerian National Petroleum Company Limited (NNPC Ltd.) transitioned from a state-owned corporation to a limited liability company in July 2022, it was widely celebrated as a watershed moment for Nigeria’s energy sector. The transformation, made possible by the Petroleum Industry Act (PIA) of 2021, was designed to reposition the NNPC as a profit-driven enterprise capable of competing globally, attracting private investors, and operating transparently under commercial laws.
For decades, NNPC had been synonymous with state control, opaque operations, and financial inefficiencies. But the 2022 transition sparked hope for a corporate rebirth, one that would usher in a new era of professionalism, accountability, and market-driven governance. Yet, three years on, the optimism of that transformation has given way to growing scrutiny.
As of November 2025, NNPC’s full audited financial statements for 2024 remain unpublished. If the delay continues beyond December, the company will officially enter its second consecutive year without releasing updated audited accounts — a situation that raises critical questions about its readiness for a public listing on the Nigerian Exchange Limited (NGX) by its official target year of 2028.
The Waiting Game: Two Years Without Audited Accounts
Under Nigeria’s corporate and securities regulations, no company can be listed on the NGX without consistent and timely submission of audited financial statements. The 2023 report, which showcased a record ₦3.3 trillion profit and ₦246 trillion in assets, offered a glimpse of progress. However, the absence of a 2024 audited statement has left investors and observers uncertain about the continuity of those gains.
Currently, the company’s shares remain wholly owned by the Nigerian government through the Ministry of Finance Incorporated (MOFI) and the Ministry of Petroleum Incorporated. The PIA envisions that, over time, these shares will be partially divested to allow Nigerians “both institutional and retail investors” to own equity in the country’s foremost oil enterprise.
Industry insiders confirm that NNPC is now in the final stages of its “IPO beauty parade,” engaging top-tier investment banks, financial advisers, and consultants to prepare the roadmap for its eventual listing. But the question remains: can the company meet the rigorous transparency and governance standards demanded by the global capital markets?
Experts Weigh In: Transparency Is the Real Currency
Economist Celestine Ukpong, based in Lagos, believes the company’s IPO ambition is achievable but warns that credibility must precede commercialization.
“The NNPC has done well in transforming its structure and boosting profit margins, but in the world of capital markets, perception is everything,” Ukpong told The Ameh News.
“Investors are not just buying into oil reserves, they are buying into governance, trust, and consistent disclosure. A delay in audited accounts sends mixed signals to the market about internal controls and financial discipline.”
Ukpong noted that the success of the IPO could redefine Nigeria’s oil narrative if properly executed, arguing that the process must be guided by market confidence rather than political timelines.
“A 2028 listing can be a turning point if NNPC embraces full transparency and positions itself as a model of reform in Africa’s energy sector,” he added.
Chartered accountant Peter Adebayo echoed similar sentiments, emphasizing that financial reporting integrity remains the cornerstone of any public listing.
“You cannot take a company to the exchange if investors are unsure of its financial health,” Adebayo stated.
“The missing audited report for 2024 is more than a technical lapse, it’s a credibility gap that needs urgent attention. The listing dream is bold, but the numbers must speak clearly and consistently before the bell rings on the trading floor.”
Adebayo also pointed out that the transition from a government entity to a commercial company often comes with steep learning curves, especially in adopting International Financial Reporting Standards (IFRS), restructuring internal audit systems, and ensuring board independence.
“The NNPC’s management must show that it can separate politics from performance. Corporate governance must lead the conversation, not national pride,” he emphasized.
A Race Toward 2028: Progress Amid Caution
The NNPC’s ongoing preparations for its Initial Public Offering — which analysts say could become one of the largest listings in African history, remain a focal point of Nigeria’s economic reform agenda. The move is expected to enhance transparency, improve efficiency, attract global investment, and allow ordinary Nigerians to become shareholders in the nation’s energy future.
But with time ticking toward the 2028 target, stakeholders agree that the next two years will be critical. The company must publish consistent audited statements, deepen operational disclosures, and institutionalize the reforms initiated since 2022.
As Nigeria looks to diversify its economy and strengthen investor confidence, NNPC’s transformation could either serve as a landmark success story or a missed opportunity.
Reflecting on the company’s journey, Celestine Ukpong summed it up aptly:
“The NNPC is standing at the doorway of history. What it does between now and 2028 will determine whether it becomes Africa’s most trusted energy brand, or just another state enterprise that couldn’t evolve.”
Economist Celestine Ukpong and chartered accountant Peter Adebayo weigh in on NNPC Ltd.’s IPO roadmap as the company delays its 2024 audited accounts. Experts urge transparency and financial discipline as Nigeria’s oil giant targets a 2028 public listing.
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