Nigeria’s two powerful oil workers’ unions, the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) and the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), have issued a strong warning to the Federal Government over its plan to sell stakes in joint venture (JV) oil assets and amend the Petroleum Industry Act (PIA).
At a press briefing in Abuja, PENGASSAN President Festus Osifo cautioned that cutting the Nigerian National Petroleum Company Limited’s (NNPCL) equity in joint ventures by 30 to 35 percent would cripple the country’s main source of foreign exchange. He noted that NNPCL currently holds between 55 and 60 percent in these assets, and selling off such a huge portion for short-term revenue would put workers’ welfare and national stability at risk.
Osifo stressed that the proposed divestment could also affect long-standing partnerships with major international oil companies including TotalEnergies, Chevron, and First E&P. “If Nigeria had sold these assets 40 years ago, the country would have no fallback today. We cannot mortgage the future of coming generations for temporary cash,” he said.
He also opposed moves to alter NNPCL’s ownership structure, describing it as an “aberration” that could weaken the national oil company.
NUPENG President Williams Akporeha backed the stance, blasting the government for inconsistency in oil sector reforms. He pointed out that the PIA, passed barely three years ago, is only just beginning to gain traction, and sudden amendments would scare off investors.
Akporeha urged President Bola Tinubu to call the Minister of Finance, NNPCL management, and other officials driving the proposals to order. Instead of selling off key national assets, he said, government should focus on ramping up crude oil production to three million barrels per day within two years and building an investor-friendly fiscal regime.
“The PIA needs stability, not constant changes. Every serious oil-producing country protects its national oil company, but here we are trying to strip ours of vital assets,” he warned.
The unions vowed to resist any attempt to push through the asset sale or amend the PIA without broad consultation, insisting that such moves would put Nigeria’s economic future in jeopardy.
