The Petroleum and Natural Gas Senior Staff Association of Nigeria and the Nigeria Union of Petroleum and Natural Gas Workers on Tuesday rejected alleged plans by the federal government to sell substantial stakes in Joint Venture assets operated by the Nigerian National Petroleum Company Limited.
The unions cautioned that such a move would threaten economic stability, weaken the oil sector, and endanger workers’ welfare.
At a joint press conference in Abuja, PENGASSAN President, Comrade Festus Osifo, and NUPENG President, Williams Akporeha, warned that the proposed divestment would not only erode national revenue but also compromise the future of coming generations.
They described the plan to reduce government’s stake in JV assets—currently between 55 and 60 per cent, by as much as 30 to 35 per cent for short-term financial gains as reckless and dangerous.
The unions further recalled that past divestments by international oil companies, including ENI, ExxonMobil, and Shell, had transferred critical Nigerian operations to local firms, with mixed outcomes.
“The unions warned that additional sales of government stakes would leave NNPC Ltd too weak to meet vital obligations, including salaries, employee benefits, and contributions to the national budget.
They also expressed alarm over fresh moves to amend the Petroleum Industry Act (PIA), which was passed in 2021 after decades of deliberation.
According to PENGASSAN and NUPENG, the Ministry of Finance is attempting to edge out the Ministry of Petroleum from joint ownership of NNPC Ltd—an action they described as an aberration and a backdoor attempt to seize control of the company.
The unions cautioned that such amendments would erode NNPC’s national mandate, damage investor confidence, and ultimately push the company toward bankruptcy.
“They said, “Government is wanting to reduce its stake in these assets, principally, they want to sell some huge percentages in these assets. In some places, sell up 35 percent, in some places sell up 30 percent, so that they will have some cash to spend in other areas.
“That is the excuse that they are giving. But as an association, as PENGASSAN and NUPENG, we say no, no, no to this. You cannot mortgage our future today and tomorrow we will be starving as a country.
“If we allow this to continue, it has a way of making NNPC become bankrupt in the next few years. There are obligations that must be met, the chief of these obligations is payment of staff salaries and welfare of our members.
“Whoever mooted this idea, whether from the Ministry of Petroleum, Ministry of Finance, NNPC Ltd, or the Presidency itself, we reject it 100 percent,” the unions said.
They urged President Bola Tinubu to step in without delay and halt the process.
