National oil companies in Nigeria and Angola are progressing with long-awaited initial public offerings (IPOs) to attract global capital and increase competitiveness in the oil and gas sector. The plans by the Nigerian National Petroleum Company (NNPC) and Angola’s Sonangol will be spotlighted during African Energy Week 2025: Invest in African Energies.
The event will bring together policymakers, investors, and industry leaders to discuss opportunities and ongoing reforms across Africa’s energy landscape. The focus on IPOs marks a shift in how national oil companies operate, with emphasis on efficiency, transparency, and private sector participation.
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NNPC prepares for IPO in line with Petroleum Industry Act
NNPC has confirmed that it is in the final stages of preparing for an IPO, as directed by Nigeria’s Petroleum Industry Act of 2021. The company has begun engaging investor relations executives and investment banks to facilitate the listing process.
According to Chief Finance and Investor Relations Officer, Olugbenga Oluwaniyi, the move is part of efforts to transition NNPC into a fully commercial entity capable of raising capital independently of state funds.
The IPO is expected to improve transparency and governance while opening the company to both local and foreign investors.
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Sonangol to offer 30% of shares
Angola’s national oil company, Sonangol, has also reaffirmed its intention to proceed with a partial public listing. The company plans to offer up to 30% of its shares to investors, as part of a strategy to attract capital for exploration and production projects.
Sonangol CEO Sebastião Gaspar Martins noted that internal preparations are ongoing. The listing forms part of Angola’s broader economic strategy to diversify revenue sources and promote private investment.
Shift towards investment and transparency
The IPOs of NNPC and Sonangol mark a turning point in the continent’s oil and gas sector, where state-owned companies have traditionally operated with limited external scrutiny or participation.
Opening up ownership to the public is expected to bring in capital for infrastructure and exploration, strengthen corporate governance, and improve the operational capacity of these national firms.
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Investor confidence and market reforms
African governments are seeking to build investor confidence by reforming regulatory frameworks and improving the business environment. These reforms aim to make Africa’s energy sector more competitive on the global stage.
“The timing of these IPO developments aligns strategically with African Energy Week 2025: Invest in African Energies, a premier event dedicated to promoting investment and collaboration in Africa’s energy sector. African Energy Week serves as a platform for policymakers, industry leaders and investors to engage in dialogue, showcase opportunities and forge partnerships that will drive the continent’s energy future. The progress of NNPC and Sonangol’s IPOs is expected to be a focal point during the event, highlighting the ongoing reforms and investment prospects within Africa’s oil and gas industry. As Africa continues to navigate the complexities of the global energy transition, the successful execution of these IPOs could set a precedent for other national oil companies on the continent, encouraging broader market liberalisation and increased private sector participation in the energy sector,” says Oré Onagbesan, Programme Director, African Energy Week.
