The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has reiterated its opposition to the Federal Government’s plan to divest completely from the nation’s refineries, warning that such a move could undermine Nigeria’s energy security.
Speaking on a television programme on Sunday, the President of PENGASSAN, Mr. Festus Osifo, said selling a 100 per cent stake in the refineries would amount to the government relinquishing total control of critical national assets.
He argued that this could expose the country to risks, especially in times of supply disruptions or market instability.
Osifo explained that while the union supports private sector participation in the refining sector, it believes a partial sale would better serve national interest.
According to him, PENGASSAN has consistently advocated that the government retain a significant stake specifically 49 per cent, while selling 51 per cent to investors.
He noted that such an arrangement would still allow private investors to manage operations efficiently, while ensuring government oversight and strategic control.
The union leader maintained that past neglect of similar advice had contributed to the challenges currently facing the oil and gas sector.
He expressed confidence that Nigeria’s large population and fuel demand would continue to attract investors, provided the refineries are properly valued and insulated from political interference.
Osifo also dismissed concerns that potential buyers might shy away from acquiring stakes in the refineries, insisting that credible investors would be willing to come on board if the assets are professionally managed and transparently offered.
He however, cautioned that any decision to sell must be preceded by a comprehensive valuation of the refineries to prevent the assets from being sold below their true worth.
He stressed that protecting national interest should remain paramount in any privatidation plan adopted by the Federal Government.
