Oil Workers Reject Govt’s Plan To Sell Joint Venture Assets

The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) and the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) person rejected the national government’s plans to trim its stakes successful Joint Venture (JV) lipid and state assets.

They warned that the determination could endanger nationalist revenue, weaken the Nigerian National Petroleum Company Limited (NNPC Ltd ), and plunge the system into a deeper crisis.

At a associated briefing successful Abuja yesterday, some unions besides opposed projected amendments to the Petroleum Industry Act (PIA), which they said would portion the Ministry of Petroleum of its relation successful managing NNPC Ltd and manus sole power to the Ministry of Finance.

PENGASSAN President Festus Osifo told journalists that the authorities was readying to merchantability 30 to 35 per cent of its holdings successful cardinal JVs, which presently basal betwixt 55 and 60 per cent, to rise speedy funds.

He argued that specified a determination would person devastating consequences for the lipid manufacture and the wider economy.

According to him, the planned merchantability would not lone deprive aboriginal generations of captious resources but besides undermine NNPC Ltd’s quality to wage salaries, put successful operations and prolong its workforce.

He added that, if unchecked, the argumentation could pb to bankruptcy successful the coming years.

Osifo besides raised concerns astir efforts to amend the PIA by removing the Ministry of Petroleum from the ownership operation of NNPC Ltd, leaving the Ministry of Finance Incorporated arsenic the sole shareholder and described the program arsenic an aberration designed to weaken Nigeria’s lone nationalist lipid company.

Osifo said, “We are present contiguous to outcry to the satellite of immoderate happenings successful our manufacture that, if not checked, person the capableness to derail this manufacture and plunge Nigeria into a bigger economical crisis.

“ The authorities wants to trim its involvement successful these assets, selling arsenic overmuch arsenic 30 to 35 per cent. We accidental no. If these assets were sold 30 years ago, wherever would Nigeria beryllium today? You cannot owe our future.

“Whoever muted this idea, whether from petroleum, finance, NUPRC, NNPC, oregon the presidency, we cull it 100 per cent.

The authorities should absorption connected expanding production, not selling disconnected assets.”

“On the PIA, they privation to yank disconnected the Ministry of Petroleum from the ownership of NNPC Ltd and manus it solely to the Ministry of Finance. This is an aberration. It is wrong, and we volition defy it. President Tinubu should telephone them to order”, helium added.

NUPENG President, Williams Akporeha, backed Osifo’s position, saying determination was nary justification for selling the country’s lipid assets.

Akporeha besides cautioned against hasty amendments to the PIA, which was passed successful 2021. He said investors were inactive studying its provisions and that predominant argumentation shifts would make uncertainty and discourage investment.

Akporeha said, “The merchantability of our JV assets astatine this constituent is unnecessary. The authorities told america the subsidy was draining funds, and we supported its removal. Today, wealth is flowing into authorities coffers. What are they doing with it? Why past merchantability the small assets that we person left? We accidental no.

“PIA came into effect hardly 3 years ago. Investors are lone conscionable opening to recognize it. How bash you commencement talking astir amendments truthful soon? This sends the incorrect awesome and creates doubt. Every oil-producing state has a nationalist lipid institution to support its investments. Why portion down NNPC, the lone 1 we have? This is not the champion mode to go.”