The Federal Government’s plan to sell its Joint Venture (JV) stakes in the Nigerian National Petroleum Company Limited (NNPCL) and other oil firms has drawn stiff opposition from the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) and the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG).
PENGASSAN President, Festus Osifo, and NUPENG’s William Akporeha warned in Abuja that the move could bankrupt NNPCL and push the naira beyond ₦5,000 to the dollar.
They also rejected alleged plans to transfer full ownership of NNPCL to the Ministry of Finance Incorporated (MOFI) through amendments to the Petroleum Industry Act (PIA), describing the move as dangerous and unnecessary.
Osifo stressed that revenues from JV operations belong to the federation, not the Federal Government alone, adding that selling 30–35 per cent stakes would deprive Nigeria of future earnings.
Meanwhile, oil marketers have urged Dangote Refinery to adopt an inclusive distribution model after unveiling CNG-powered delivery trucks.
Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) President, Billy Gillis-Harry, said depots and retailers must remain part of the supply chain to ensure nationwide product availability.