Nigeria’s state oil company mulls IPO - Semafor

Nigeria’s state oil company NNPC could float up to a 10% stake in a Lagos initial public offering and follow it up with a secondary listing in London or New York, its CEO told Reuters. The listing would be the second major energy IPO in Nigeria after that of the Dangote refinery, which sought to raise $1.6 billion.

NNPC manages Nigeria’s joint venture agreements with oil producers such as ExxonMobil, Shell, and TotalEnergies and has subsidiaries that operate petrol stations and own the country’s currently dormant refineries. Africa’s biggest oil producer has recorded an uptick in hydrocarbon investments in the past three years. NNPC plays a key role in the country’s revenue generation because of its multibillion-dollar interests in oil and gas assets, but critics say it is emblematic of Nigeria’s decades-old mismanagement of its oil earnings.