ABU DHABI, Nov 4 (Reuters) - Nigeria's state-owned oil

firm NNPC has been improving transparency about its performance

in preparation for a long-awaited initial public offering, its

CEO said on Tuesday.

Nigeria's oil law required NNPC to list within six months

after the law was passed in 2021. It has yet to do so, although

its finance chief said in March that it was in the final stages

of preparations.

"The IPO journey is by law. The PIA (Petroleum Industry Act)

prescribes for NNPC to journey towards achieving IPO. It's not

an option for us", CEO Bayo Ojulari said on Tuesday

He added that the preparations required the company to

become more transparent.

"We have begun to publish our monthly performance since May

this year and that has continued", Ojulari added, without giving

a timeline for the IPO.

Speaking at the ADIPEC energy conference in Abu Dhabi,

Ojulari also said the company was working towards increasing its

stake in Nigeria's Dangote refinery to 20%.

The Dangote Petroleum Refinery, Africa's largest oil

refinery, launched operations last year but has struggled amid

competition from cheap imports.

Last week, NNPC's CEO said it was seeking technical equity

partners to help revive three of its refineries that have

remained idle despite significant investments.