A group identifying as the Committee of Patriotic Forces has issued a passionate call to action, urging Nigerians to resist two controversial government proposals: the planned sale of the Federation’s equity in key upstream oil and gas Joint Ventures (JVs) and the proposed amendment of the Petroleum Industry Act (PIA).
This is contained in a statement obtained by our Correspondent in Abuja, where the group warned that these moves threaten Nigeria’s economic security, energy stability, and national interests.
According to the statement, the Federal Government, through the Ministry of Petroleum Incorporated (MOPI) and the Ministry of Finance Incorporated (MOFI), is allegedly planning to divest significant portions of Nigeria’s equity in several high-performing oil and gas JVs.
The statement further disclosed that the affected JVs include: “Renaissance Africa Energy Company Joint Venture (RAEC JV): The government plans to sell 25% of the Federation’s 55% equity to Sterling Global Oil Company, an Indian firm, reducing Nigeria’s stake to 30%.
“Oando Joint Venture (Oando JV): A 25% equity sale from the Federation’s 60% stake is proposed, to be acquired by Oando Oil Company, led by Nigerian businessman Wale Tinubu, leaving Nigeria with 35% equity.
Seplat Energy Producing Nigeria Unlimited Joint Venture (SEPNU JV): The government intends to sell 35% of its 60% equity to a company owned by Chagoury Chagoury, reducing Nigeria’s stake to 25%”.
The Committee of Patriotic Forces argued that these sales would have severe consequences, including: “Loss of control over strategic assets as transferring significant equity to private individuals could undermine Nigeria’s ability to manage its economic affairs, given the critical role of upstream oil and gas in the nation’s economy.
“Weakened Energy Security as ceding control to a few well-connected individuals jeopardizes Nigeria’s energy security and future stability, and also reduced revenue and foreign exchange because the JVs are a major source of national revenue and foreign exchange. Selling equity would shrink these inflows, effectively “selling away” assets that have sustained Nigeria since the discovery of crude oil”.
According to the group, the planned sales if carried through would ultimately lead to a threat to jobs and local Content, arguing that reduced equity could weaken Nigeria’s influence over field development and local content policies, endangering jobs, skills transfer, and community obligations.
The group cautioned that selling these “crown jewels” sets a dangerous precedent, making recovery costly and undermining intergenerational equity.
The Committee calls on Nigerians to defend these national assets, emphasizing that they belong to the people and should not be “traded away behind closed doors for the benefit of a few.”
The second issue raised by the Committee is the proposed amendment to sections 8, 9, 53, 63, 64, and 85 of the PIA, led by the Ministry of Finance. The group alleges that the amendments are driven by personal interests and would destabilize the oil and gas industry while discouraging investment. They claim the changes are designed to transfer control of Nigeria’s deepwater oil and gas resources to a handful of influential private individuals.
The Committee argues that the PIA, enacted to reform and stabilize the oil and gas sector, is too new to warrant amendments. Altering it now, they say, would send a negative signal to investors and undermine the Act’s role as the operational framework for managing Nigeria’s oil and gas resources.
The Committee of Patriotic Forces has urged Nigerians to unite in opposition to both the equity sales and the PIA amendments. “These assets belong to Nigerians. They must not be traded away behind closed doors for the benefit of a few,” the group declared, emphasising the need to protect Nigeria’s economic future and energy security.
SOURCE: independent.ng
