Two major oil unions; PENGASSAN and NUPENG have strongly opposed the Federal Government’s reported plan to divest up to 35% of its stakes in joint venture oil assets managed by the Nigerian National Petroleum Company Limited (NNPCL).
At a joint press briefing in Abuja, PENGASSAN President Festus Osifo warned that the sale would “mortgage the future of Nigerians for temporary gains,” arguing that it could bankrupt NNPCL and reduce its ability to fund salaries and support the national budget.
Currently, the government holds 55–60% of these assets. The unions said any reduction would weaken Nigeria’s national oil company and threaten its contributions to the economy.
“The NNPCL manages JV assets on behalf of the Federation. Every oil well belongs to the Nigerian people,” Osifo stated. “If these stakes are sold, the federation loses.”
The proposal comes as President Bola Tinubu pushes for reforms to optimize spending and boost federal revenue. However, the unions warned that amending the Petroleum Industry Act (PIA) just three years after it was passed would damage investor confidence.
“Investors are just beginning to understand the PIA, and suddenly government wants to change it again,” said NUPENG President Williams Akporeha. “Every serious oil-producing country protects its national oil company. Here, we are doing the opposite.”
They also accused the Ministry of Finance of trying to sideline the Ministry of Petroleum in managing NNPCL, calling it a “backdoor hijack.”
While not announcing a strike, the unions issued a firm warning: “We will fight with everything to stop this,” Osifo declared.
Both unions urged President Tinubu to personally halt the divestment and maintain NNPCL’s core national role.
