President Bola Ahmed Tinubu on Friday announced that his administration plans to list the National Petroleum Company Limited, NNPCL, on the Nigerian Exchange Limited, NGX. The move is not unconnected to the ongoing reforms and restructuring of the state-owned petroleum company. Some are concerned that listing the NNPC on the Nigerian stock exchange may not be the magic wand for the long-standing and deep-seated problems that have plagued the nation’s state-owned oil enterprise for years. The state-owned oil company pledges future crude oil deliveries for immediate upfront cash. These basic but important problems are usually not found in countries that have publicly listed their state-owned oil companies.