Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has raised concerns over federal government’s alleged plans to significantly reduce its stake in joint venture (JV) assets managed by Nigerian National Petroleum Company (NNPC) Limited.
Gatekeepers News reports that Festus Osifo, PENGASSAN President, disclosed this during a joint briefing with the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG).
Osifo said, “The government is proposing to offload huge percentages in these assets—selling up to 35 percent in some cases, and 30 percent in others—to generate funds for other expenditures. That is the justification being given.”
He stressed that the unions remain firmly opposed to the plan and warned, “As PENGASSAN and NUPENG, we say no to this. You cannot mortgage our future today only for the country to suffer tomorrow. If this proceeds, it could drive NNPC into bankruptcy in the coming years. Meeting obligations such as staff salaries and members’ welfare would become a challenge.”
Osifo emphasised that regardless of whether the idea emanated from the petroleum ministry, finance ministry, NNPC, or the presidency, the associations reject it outright.
Citing previous divestments, he recalled that Oando Energy acquired the Nigerian Agip Oil Company’s stake, while Seplat Energy purchased ExxonMobil’s JV components.
He noted that the government currently holds between 55 and 60 percent of JV assets through NNPC Limited, which manages them on behalf of the federation
The PENGASSAN President further stressed that Nigeria’s crude oil assets and wells belong not just to the federal government but to the federation as a whole, with NNPC serving as the custodian.
