The President of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), Festus Osifo, has called on the Federal Government to consider selling a majority, but not total, stake in Nigeria’s state-owned refineries.

Osifo made the appeal during a recent appearance on Sunday Politics, a political affairs programme aired on Channels Television. He argued that handing over complete ownership of the refineries to private investors could pose risks to the country’s energy security.

According to him, PENGASSAN’s position is that the government should retain a significant level of control while allowing private sector participation.

He suggested that selling a 51 percent stake would strike a balance between attracting investment and safeguarding national interests, noting that this approach aligns with the direction currently being pursued by the management of the Nigerian National Petroleum Company Limited (NNPCL).

Osifo expressed confidence that investors would be willing to buy into the refineries, pointing to Nigeria’s large population and high domestic demand for petroleum products. He added that with proper maintenance, free from political interference, the refineries have the potential to operate efficiently and deliver value.

He emphasized that reforms in the downstream sector should focus on transparency, professionalism, and long-term sustainability, stressing that strategic private investment rather than full privatization would better serve the country’s energy needs.

The PENGASSAN president said such a model would not only improve refinery performance but also help strengthen Nigeria’s energy security while supporting broader economic growth.