Two major oil unions in Nigeria have rejected the Federal Government’s plan to sell part of the Nigerian National Petroleum Company Limited’s (NNPCL) joint venture assets.
The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) and the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) said the move would weaken NNPC, damage the economy, and endanger workers’ welfare.
At a joint press conference in Abuja on Tuesday, PENGASSAN President Festus Osifo and NUPENG President Williams Akporeha warned against the proposal to cut government stakes in joint venture oil assets by up to 35 per cent.
“The government wants to reduce its stake in these assets. In some cases, they are talking of selling up to 35 per cent. But we say no. You cannot mortgage the future of Nigerians for temporary gains,” Osifo said.
The unions argued that while the sale might bring quick cash, it would leave long-term damage. They said reducing government holdings could bankrupt NNPC, stop it from paying salaries, and cut its contributions to the national budget.
They also accused the Ministry of Finance of trying to sideline the Ministry of Petroleum in managing NNPC, describing it as a “backdoor hijack” of the national oil company.
Akporeha said the government’s actions would scare away investors.
“The PIA was passed after years of struggle. Investors are just beginning to adapt to it. Now, the government wants to amend it again? That is a dangerous signal,” he said.
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Osifo also warned that past divestments by companies such as Shell, ExxonMobil, and Agip showed the risks.
“Every oil well belongs to the Nigerian people collectively, not just the Federal Government. If these stakes are sold, the federation loses, and the national oil company will be too weak to deliver,” he added.
The unions demanded that President Bola Tinubu stop the plan and call top officials, including the Finance Minister and NNPCL executives, to order.
“If these proposals succeed, Nigeria will struggle to generate the revenue required to fund its budget. This is a recipe for crisis, and we will resist it,” Osifo declared.
Although the unions did not announce a strike, they warned they would “fight with everything” to block the sale.
“Whoever mooted this idea, whether from the Ministry of Petroleum, Ministry of Finance, NNPCL, or even the Presidency itself, we reject it 100 per cent. It will make NNPCL bankrupt in a few years. We will not allow that to happen,” Osifo said.
The unions stressed that Nigeria must protect its national oil company instead of stripping it of its strength. They urged Tinubu to put national interest first, warning that selling off critical oil assets could create economic instability and spark labour unrest.