Vice President Kashim Shettima has urged the Nigerian National Petroleum Company (NNPC) Limited to exceed expectations when it eventually lists on the Nigerian Exchange (NGX), using the Dangote refinery’s market debut as a benchmark.
Shettima, who represented President Bola Tinubu, made the call on Tuesday at the fifth anniversary celebration of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in Abuja.
Addressing NNPC chief executive officer Bayo Ojulari, Shettima said: “I learnt that you are going to the stock market very soon, so you will overwhelm us the way Dangote did.”
Ojulari had said in July 2025 that NNPC planned to list on the stock exchange by 2028. However, he said on September 29 that no date had been fixed for the company’s initial public offering (IPO), adding that the decision ultimately rests with its shareholders.
Shettima Highlights Oil Sector Reforms
Shettima also said oil acreages are now being awarded through open and competitive bidding processes.
“I can bear witness to this part,” he said, recounting that a friend with no connection to him was awarded an upstream location through what he described as a fair and just process.
He said recent reforms in the oil and gas sector are designed to unlock up to $50 billion in new deep offshore investments, beginning with the Bonga South-West project.
According to the vice-president, the Deep Offshore Oil and Gas Projects Incentive Tax Order 2026 has replaced uncertainty with clear and publicly available investment criteria.
“The message to the world is simple: Nigeria is open for long-term investment and the terms are clear,” he said.
Shettima said the Petroleum Industry Act (PIA) had also established a foundation for investment through clear rules, a predictable regulatory framework and mechanisms for greater participation by host communities.
He added that improved security in oil-producing areas and competitive licensing processes were creating more opportunities for upstream investment.
According to Shettima, investors who previously looked elsewhere are returning to Nigeria, which he said has emerged as Africa’s leading destination for upstream investment for two consecutive years.
He added that more than 170 host community development trusts had been funded for projects in education, healthcare and other areas.
NUPRC Reports $47bn Capital Commitments
Also speaking at the event, NUPRC chief executive officer Oritsemeyiwa Eyesan said Nigeria accounted for 38 percent of upstream capital sanctioned in Africa in 2025, up from 4 percent in 2021.
Eyesan said the commission had approved 120 field development plans (FDPs) since 2024, representing more than $47 billion in capital commitments.
She identified the Boga North, Ubeta, Ima gas development and Usan projects as among the major milestones recorded recently.
