Vice President Kashim Shettima has suggested that the planned listing of the Nigerian National Petroleum Company Limited (NNPCL) on the Nigerian stock market could have a major impact on Nigerians.
Shettima made the remark on Tuesday while addressing the Group Chief Executive Officer of NNPCL, Bayo Ojulari, during the fifth anniversary of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in Abuja.
Representing President Bola Tinubu at the event, the Vice President said he had learnt that NNPCL would soon be listed on the stock market.
“I learnt that you are going to the stock market very soon, so you will overwhelm us the way Dangote did,” Shettima said.
President Tinubu had previously confirmed plans to list the entire NNPCL on the Nigerian stock exchange rather than only individual subsidiaries or business units.
The move is reportedly modelled after Saudi Arabia’s Aramco and is aimed at improving the company’s commercial efficiency and global competitiveness. It is also linked to the corporate restructuring mandated by the Petroleum Industry Act (PIA) 2021.
Meanwhile, Dangote Petroleum Refinery and Petrochemicals recently launched its Initial Public Offering (IPO), branded the “People’s IPO.”
The offer opened on September 14, 2026, and is scheduled to close on October 13, 2026. The company is offering 4.1 billion ordinary shares at N525 per share, targeting N2.15 trillion in proceeds.
The funds are expected to support the expansion of the refinery’s processing capacity from 700,000 barrels per day to 1.4 million barrels per day by 2029.
