By IDNN Energy Desk
The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) and the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) have rejected Federal Government plans to divest 30–35% stakes in NNPC Ltd’s joint venture assets.
Union leaders warned the move would strip NNPC of critical revenue and obligations. “If we allow this to continue, NNPC could be bankrupt in a few years,” PENGASSAN President Festus Osifo said in Abuja.
The Stakes in Nigeria’s Oil Industry
NNPC Ltd manages government stakes in joint ventures with majors like Shell, ExxonMobil, and ENI, typically holding 55–60% equity. Unions argue further divestments, on top of recent IOCs’ exits, would weaken Nigeria’s national oil company and scare off investors.
Consequences for Workers and National Economy
Unionists warned of job losses, unpaid salaries, and weakened budget funding. They urged President Tinubu to halt the plan, calling it short-sighted. “You cannot mortgage our future today and starve tomorrow,” said NUPENG President Williams Akporeha.
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