Oil Unions Warn Tinubu Against Sale of National Assets
PENGASSAN and NUPENG say the proposed 30–35% divestment could bankrupt NNPCL, and allege a backdoor hijack of ministry oversight.
Nigeria’s oil sector unions have issued a stern warning to the Federal Government over reported plans to sell off stakes in joint venture oil assets managed by the state-owned Nigerian National Petroleum Company Limited (NNPCL).
The unions, PENGASSAN and NUPENG said the proposed 30–35% divestment risks bankrupting the national oil company and weakening Nigeria’s long-term economic stability.
Union leaders at a joint press briefing in Abuja urged President Bola Tinubu to intervene directly, warning that further reforms to the Petroleum Industry Act (PIA) would create uncertainty and scare away investors.
They also raised alarm over alleged efforts to strip the Ministry of Petroleum of its joint oversight of NNPCL—calling the move a “backdoor hijack” of Nigeria’s oil sector.
Enjoyed this? Get the morning brief.
News from Nigeria and Africa, in one free email every day.
