NNPC Reform and Saudi Aramco Model
President Bola Ahmed Tinubu has announced plans to reform and list the Nigerian National Petroleum Company (NNPC) Limited on the Nigerian Exchange (NGX). The President disclosed this during a high-level meeting with the board and management of Nigerian Exchange Group Plc (NGX Group) and the Economic Management Team at the State House, Abuja, on Thursday, August 6, 2026.
The listing is part of the administration's broader strategy to leverage the capital market to mobilize long-term investment, broaden public ownership, and support Nigeria's aspiration of becoming a one-trillion-dollar economy.
President Tinubu compared the future of the NNPC to Saudi Arabia's state-owned oil giant, Aramco, which is publicly quoted. He stated that the government will reform the NNPC to ensure the totality of the company, and not just parts of it, is listed on the exchange for the benefit of all Nigerians.
This announcement aligns with the company's existing transition plans. In July 2025, the Group Chief Executive Officer of the NNPC, Bayo Ojulari, declared a roadmap for the company to list on the stock exchange by 2028. Additionally, in March 2025, Olugbenga Oluwaniyi, the Chief Finance and Investor Relations Officer of NNPC, revealed that the company had commenced an IPO Beauty Parade to engage prospective partners ahead of the planned listing under the provisions of the Petroleum Industry Act (PIA) 2021.
Market Capitalization Surges to N160 Trillion
During the engagement, the leadership of NGX Group, led by Group Chairman Alhaji Dr. Umaru Kwairanga and Group Managing Director/CEO Temi Popoola, briefed the President on the market's performance. The capital market has experienced significant growth over the last three years, with market capitalization rising from N30 trillion in 2023 to N160 trillion in 2026.
Over the same period, the NGX All-Share Index rose from 52,000 points to 244,000 points. Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, described the Nigerian capital market as the best performing in the world and challenged the NGX and the Securities and Exchange Commission (SEC) to target growing the market to one trillion dollars.
President Tinubu commended the Economic Management Team, including Central Bank of Nigeria Governor Yemi Cardoso, Budget Minister Atiku Bagudu, and National Revenue Service Chairman Dr. Zacch Adedeji, for their roles in restoring macroeconomic stability and investor confidence.
Strategic Priorities for a Trillion-Dollar Economy
To sustain this growth, NGX Group presented four strategic priorities to the Federal Government. These include the privatization and listing of commercially viable government assets, the domestic or dual listing of leading Nigerian companies, greater policy clarity on the capital gains tax treatment of listed securities, and increased utilization of capital market instruments to finance infrastructure and industrial development.
Temi Popoola emphasized that a trillion-dollar economy requires deep pools of long-term domestic and international capital. He noted that the capital market must serve as a principal mechanism for financing Nigeria's leading companies and productive sectors.
The meeting was attended by key government officials, including Minister of Information and National Orientation Alhaji Mohammed Idris, SEC Director-General Dr. Emomotimi Agama, and NGX Group board members Mrs. Mosun Belo-Olusoga, Mrs. Fatima Wali-Abdurrahman, Mr. Nonso Okpala, Mr. Sehinde Adenagbe, Mr. Ademola Babarinde, and Mr. Mohamed Garuba.
