By: Goodluck E. Adubazi, Abuja.
The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) and the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), under the umbrella of NUPENGASSAN, have strongly opposed the Federal Government’s proposed sale of the Nigerian National Petroleum Company Limited (NNPC Ltd.), warning that such a move could endanger the country’s economic stability.
At a world press conference on the Petroleum Industry Act (PIA) Amendment and the proposed oil and gas assets sale, held on Tuesday, September 23, 2025, at Rockview Hotel, Abuja, leaders of both unions expressed deep concern over what they described as a “planned economic derailment” through the sale of critical oil and gas assets, including stakes in NNPC’s Joint Venture (JV) operations.
“NNPC Is Nigeria’s Economic Lifeline” – Osifo
Speaking at the press conference, Comrade Festus Osifo, President of PENGASSAN and the Trade Union Congress (TUC), emphasized that the oil and gas sector still contributes over 80% of Nigeria’s foreign exchange earnings, and selling NNPC assets would be tantamount to “selling the soul of the nation.”
“This industry has carried the burden of Nigeria for decades,” Osifo said. “Our members are the backbone behind the oil production numbers Nigerians see on TV and read about in the newspapers. If these assets are sold off recklessly, it won’t just affect jobs; it will plunge Nigeria into a deeper economic crisis.”
He added that the assets being considered for sale, particularly those under Joint Venture arrangements, are not wholly owned by the Federal Government but by the Nigerian Federation—including federal, state, and local governments—and are being managed on their behalf by NNPC Ltd.
“This Is Not Privatization, It’s Economic Sabotage”
Osifo rejected any notion that the sale amounts to privatization or divestment, noting that Shell, ExxonMobil, and other international oil companies (IOCs) have previously divested their stakes transparently. He criticized the government’s current approach as opaque and motivated by short-term revenue generation at the expense of national interest.
“Privatization happens when a government decides to bring in the private sector to run a state asset more efficiently,” he said. “What we are seeing is different—this is selling our national future. This is not divestment; this is economic sabotage.”
NUPENG President: “Where Is the Money from Subsidy Removal?”
Also speaking, the President of NUPENG, Prince Williams Akporeha, questioned the Federal Government’s integrity, recalling promises made during the fuel subsidy removal phase.
“They told us that removing fuel subsidy would free up funds for infrastructure and development. Where is that money now?” Akporeha asked. “Instead of showing us results, they are coming again with another dangerous plan—to sell our last economic lifeline.”
He said selling NNPC stakes would not only cripple national revenue generation but also send the wrong signal to foreign investors about policy consistency and national stability.
Responding to questions about allegations that NUPENG officials collect daily fees of N50,000 from Dangote Refinery or port operators, Akporeha denied the claims.
“Those accusations are false. NUPENG does not operate alone at the ports. Multiple unions are involved, and any issues are already being addressed legally,” he clarified.
“NNPC Ltd. Is Not Just Another Company” – Osifo
Osifo further clarified that NNPC Ltd. is not a typical private company. While it operates commercially, it is owned by the Ministry of Finance Incorporated and the Ministry of Petroleum Resources on behalf of the Federation.
“Any revenue or profit made by NNPC goes back to the Federation Account—not to private investors. Therefore, giving out controlling stakes to private entities jeopardizes Nigeria’s economic sovereignty,” he warned.
Both union leaders concluded by urging the Federal Government to immediately halt any ongoing or planned sale of NNPC assets, especially those tied to JV operations with IOCs.
“Nigeria’s oil and gas assets are not for sale. We must preserve them for future generations. We are calling on the National Assembly, civil society, and all Nigerians to stand against this,” Osifo said.
NUPENGASSAN vowed to mobilize nationwide resistance if the government proceeds with the sale.