Nigeria revives decade-old plan to sell stake in state-oil company.


 

Nigeria revives decade-old plan to sell stake in state-oil company.


By

Ibrahim Isyaka

Nigeria Revives Decade-Old Plan to Sell Stake in State Oil Company


Nigeria is reviving plans to sell a stake in the Nigerian National Petroleum Company Limited (NNPCL), more than a decade after a similar proposal was first introduced. President Bola Ahmed Tinubu said the government is looking to expand the company and eventually make it a publicly quoted firm, using Saudi Arabia’s state-owned oil giant, Saudi Aramco, as a model.


Tinubu pointed to Aramco’s experience, saying the transformation of the Saudi oil company showed the potential benefits of becoming a publicly listed company. Aramco’s 2019 stock market listing, which raised billions of dollars, remains the largest initial public offering in history and has set a high standard for state-owned oil companies seeking private investment.


However, NNPCL still faces major challenges before such a move can become a reality. The company needs to strengthen its financial records, clarify its liabilities and improve transparency and governance to meet the requirements expected of a publicly traded company. These concerns have persisted for years, including allegations made by former Central Bank Governor Sanusi Lamido Sanusi that NNPC failed to remit about 20 billion dollars to government coffers over a two-year period.


Recent developments have also raised questions about NNPCL’s financial management. The World Bank reported in May 2025 that the company had been remitting only about half of the savings generated from the removal of petrol subsidies. The government had expected the subsidy removal to free up billions of dollars, making NNPCL’s financial performance and accountability key issues as Nigeria considers selling part of its stake in the state-owned oil company.


#NexviewTv#NexviewNews#NexviewUpdate#2026#BreakingNews#Business#NNPCL#ReviveDecadeOld-Plan#StateOilCompany#Nigeria

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