Tinubu Announces Plans to Reform, List NNPC on NGX

President Bola Ahmed Tinubu has announced plans to reform the Nigerian National Petroleum Company (NNPC) Limited and list it on the Nigerian Exchange (NGX).

The President made the disclosure on Friday while receiving the board and management of the Nigerian Exchange Group at the State House in Abuja.

The delegation was led by NGX Group Chairman, Umaru Kwairanga, and the Group Managing Director/Chief Executive Officer, Temi Popoola.

Speaking during the meeting, Tinubu said the NNPC would undergo reforms and be listed on the capital market as part of ongoing efforts to strengthen the country’s economy.

He also expressed optimism about Nigeria’s economic outlook, noting that positive assessments from economic experts and encouraging economic indicators point to a brighter future for Nigerians.

The announcement comes weeks after the Group Chief Executive Officer of NNPC, Bayo Ojulari, said the company is targeting a stock market listing by 2028.

Ojulari had explained that the company is working with industry stakeholders to accelerate the transformation of NNPC into a fully commercial limited liability company.

According to him, NNPC has made significant progress in creating a more stable and secure business environment in the country.

Also speaking during the visit, the Executive Chairman of the Nigeria Revenue Service (NRS), Zacch Adedeji, said the removal of petrol subsidy was a major step toward correcting long-standing economic distortions.

He stated that President Tinubu’s decision to end the subsidy shortly after assuming office laid the foundation for many of the economic changes currently being witnessed in the country.