# NNPC Limited operational and infrastructure developments > Live situation record from CLSTR: https://clstr.news/situations/nnpc-limited-operational-and-infrastructure-developments > Updated: 2026-10-20T00:25:54.000Z. Sources: 32. Developments: 6. NNPC Limited reported a 33% increase in profit after tax for the 2025 fiscal year, reaching ₦7.2 trillion, up from ₦5.4 trillion in 2024. This growth occurred despite a revenue decline of approximately 23% to 24%, falling from ₦45.1 trillion in 2024 to ₦34.5 trillion in 2025 due to lower crude prices and downstream market deregulation. Group CEO Bayo Bashir Ojulari attributed the improved profitability to “stronger operations, tighter financial discipline, and a more deliberate approach to costs.” Regarding its transition to a public entity, the company is advancing preparations for an Initial Public Offering (IPO) as mandated by the Petroleum Industry Act 2021. While the company has completed a baseline assessment and is addressing governance and reporting gaps, some estimates suggest the listing could be postponed until 2028. This IPO is part of a broader 10-year strategic plan to increase Nigeria’s stock market capitalization to 750 trillion naira by 2036. Finance Minister Taiwo Oyedele stated that making shares available aims to expand the market, improve transparency, and broaden the ownership of national assets. Simultaneously, NNPC is working to bolster domestic production through refinery rehabilitation. The company is awaiting technical reports from two Chinese firms, Sanjiang Chemical Company Limited and Xinganchen (Fuzhou) Industrial Park Operation and Management Co. Limited, following three months of on-site assessments at the Port Harcourt and Warri refineries. NNPC is pursuing a technical equity partnership model to ensure these refineries become “commercially competitive and profitable.” ## Claims - The IPO proceeds are intended to expand the refinery's capacity from 700,000 to 1.4 million barrels per day. (corroborated by 5 sources) - The Dangote Petroleum Refinery IPO aims to raise approximately $1.6 billion. (corroborated by 4 sources) - Kenya has approved a route for local investors to participate in the IPO via Global Depository Receipts (GDRs). (corroborated by 4 sources) - Uganda has approved the participation of domestic investors in the Dangote Refinery IPO. (corroborated by 4 sources) - The listing of GDRs on the Nairobi Securities Exchange is subject to approval from Nigeria’s SEC. (corroborated by 3 sources) - The East African portion of the IPO is expected to raise approximately $300.4 million. (corroborated by 2 sources) - The Kenyan GDR offer requires a minimum success threshold of KES 50 million to proceed. (corroborated by 2 sources) ## Timeline ### 2026-10-20: Nigeria plans to list NNPC and NLNG to boost market value Nigeria aims to list NNPC and NLNG on the stock exchange as part of a plan to reach a $500 billion market capitalization by 2036. 3 sources. https://clstr.news/cluster/nigeria-plans-to-list-nnpc-and-nlng-to-boost-market-value ### 2026-10-13: NNPC advances IPO plans and refinery rehabilitation efforts NNPC is preparing for a mandatory IPO by addressing governance gaps while simultaneously awaiting technical reports from Chinese firms regarding the rehabilitation of the Port Harcourt and Warri refineries. 3 sources. https://clstr.news/cluster/nnpc-advances-ipo-plans-and-refinery-rehabilitation-efforts ### 2026-10-11: NNPC Limited reports improved performance in 2025 audited statements NNPC Limited’s 2025 audited financial statements show improved operational performance and a 33% increase in profit after tax, supported by an unmodified audit opinion from PwC. 2 sources. https://clstr.news/cluster/nnpc-limited-reports-improved-performance-in-2025-audited-statements ### 2026-10-04: NNPC seeks to revive Nigeria's Olokola LNG project NNPC Ltd is working to revive the stalled Olokola LNG project in Nigeria, integrating it into a new industrial hub and deep-sea port development at Ogun Waterside. 3 sources. https://clstr.news/cluster/nnpc-seeks-to-revive-nigerias-olokola-lng-project ### 2026-10-04: NNPC Limited reports ₦7.2 trillion profit for 2025 NNPC Limited reported a 33% increase in 2025 net profit to ₦7.2 trillion, despite a 24% decline in revenue due to lower oil prices and market deregulation. 3 sources. https://clstr.news/cluster/nnpc-limited-reports-72-trillion-profit-for-2025 ### 2026-09-29: NNPC Limited reports ₦7.2 trillion profit and seeks refinery partners NNPC Limited reported a ₦7.2 trillion profit for 2025 and is seeking technical equity partners to rehabilitate its refineries, while noting no fixed date for its upcoming IPO. 23 sources. https://clstr.news/cluster/nnpcl-reports-n72tn-profit-amid-ipo-preparations --- Cite as: NNPC Limited operational and infrastructure developments. CLSTR, https://clstr.news/situations/nnpc-limited-operational-and-infrastructure-developments