NNPC, NLNG, BoA Among 14 SOEs Prepping For NGX Listing

In a major move toward deepening Nigeria’s financial markets, 14 state-owned enterprises (SOEs) have been shortlisted to list their shares on the Nigerian Exchange (NGX), signalling a transformative step for the country’s economic landscape.
Among these key national assets are the Nigerian National Petroleum Corporation (NNPC), Nigerian Liquefied Natural Gas Corporation (NLNG), and the Bank of Agriculture (BoA), alongside other crucial enterprises.
These SOEs, which include Ajaokuta Steel Company Limited, Galaxy Backbone Plc, Nigeria Bulk Electricity Trading Plc (NBET), and the Nigerian Commodity Exchange (NCE), are being advised by the Securities and Exchange Commission (SEC) to begin the listing process, a source from SEC confirmed.
However, before these firms can enter the stock market, they must meet specific criteria set by the NGX. This includes achieving a minimum market capitalisation of N500 million and pre-tax profits of at least N300 million, or N600 million for companies targeting a Standard B listing. Additionally, they need at least 21 equity shareholders to qualify.
In a bid to encourage these SOEs, the NGX has rolled out a simplified and more flexible listing process. This includes reduced fees and fewer disclosure requirements to streamline the path to the stock market. Beyond just gaining access to capital markets, listing would also elevate the visibility and transparency of these enterprises, ultimately improving governance and risk management. These factors are seen as critical for the long-term sustainability of SOEs, which are vital players in sectors like energy, transportation, and infrastructure—crucial to Nigeria’s economic growth.
By listing on the NGX, these companies stand to gain not just capital for expansion but also a renewed credibility and a stronger position to address governance issues. The listing process aligns with broader national goals to foster economic inclusivity and democratise the country’s business landscape.
To support this initiative, the NGX launched a dedicated ‘Impact Board,’ a platform aimed at SOEs with a strong commitment to transparency, governance, and sustainability. This board will offer streamlined listing services and enhanced investor outreach, encouraging these companies to demonstrate their social or environmental impact as part of their eligibility criteria.
Dr. Emomotimi Agama, Director-General of the SEC, described the move as a landmark development for Nigeria’s economy. He emphasised that the inclusion of SOEs in the stock market would not only democratise their ownership but also enable wealth distribution across a broader base of Nigerians.
“Inclusivity is very critical,” Dr. Agama stated, noting that such a step promotes collective responsibility in building the country’s industries. He dispelled concerns that listing might lead to a loss of control for these enterprises, explaining that public participation via the stock exchange would actually empower SOEs to grow more sustainably.
“Listing does not remove power from them; it provides bigger power because united we stand, divided we fall,” he said.
Dr. Agama further highlighted that the SEC’s ongoing efforts to simplify the listing process aim to reduce bureaucratic bottlenecks and make it easier for both public and private enterprises to go public. One key part of this strategy is the use of technology to streamline public offerings and make investment opportunities more accessible to the Nigerian public.
The NGX’s e-offering platform, which enables simpler and quicker access to investment opportunities, has been identified as a game changer for widening participation in Nigeria’s capital markets. The SEC is encouraging the adoption of digital tools and FinTech solutions to further demystify the investment process.
“We encourage apps, we encourage FinTech tools,” Dr. Agama said, stating that this would create a more engaging and seamless experience for a new generation of investors.
This wave of listings, supported by the SEC’s initiatives, is expected to not only increase participation in Nigeria’s financial markets but also foster a culture of transparency and accountability among SOEs. By addressing issues related to governance and risk management, these enterprises could improve their competitiveness on the global stage while contributing to the nation’s economic stability.
In the long term, the SEC’s push to reduce barriers and promote financial literacy will likely encourage greater participation in the stock market, both from local and international investors. With the listing of these 14 SOEs, Nigeria’s capital markets are set for a significant transformation—one that prioritises inclusivity, sustainability, and long-term growth.