Nigeria’s state oil company, NNPC, is considering selling up to 10% of its shares through an initial public offering in Lagos, with a possible secondary listing in London or New York. If it proceeds, the sale would be Nigeria’s second major energy IPO, after Dangote refinery’s offering. NNPC oversees the government’s joint ventures with international producers, including ExxonMobil, Shell, and TotalEnergies. It also runs a network of fuel stations through subsidiaries and holds the country’s refineries, which are currently idle. The company holds significant oil and gas assets and plays an important role in government revenue as investment in the sector has increased over the past three years. Critics, however, argue it symbolizes decades of poor stewardship of the nation’s oil earnings.