Oil Sector:Pressure mounts on Tinubu to sell off refineries
…Ojulari pressurized to convince FG to divest 75%
Atiku asks FG not to tamper with PIA and JV Act
When President Bola Tinubu returns to the country from his 10-day working leave he may have to take a decision on what to do with the Nigerian National Petroleum Corporation,NNPC and the refineries.
While, the Managing Director Bayo Ojulari is reportedly making moves to reposition the organisation for profitability and eventual sale of the refinery in a way to favour the country,some powerful interests with vested interests are said to be frustrating his moves.
They are said to be telling the President to divest 75% of the stakes to investors of which they have vested interest while the remaining 25% is left to the government and the public.
President Tinubu is said not to be favorable to this idea as he believes national assets like the refineries on which billions of dollars have been spent should not be sold without interests of Nigerians who have invested on it over the years.
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As a result,most of the powerful stakeholders in the oil industry who had an eye on the refineries are said to be frustrating every move being made by Ojulari to reposition both the refineries and NNPC.
Stakeholders told Newdawnngr.com that the best option left for Tinubu is to take a firm stand and support the reorganization of the refineries being undertaken by the new manage led by Ojulari who is facing immense pressure from within abd without.
The development is coming on the heels of
Calls by Former Vice President Atiku Abubakar who expressed deep concerns over recent reports of planned amendments to the Petroleum Industry Act (PIA) and proposals to divest significant equity in key joint ventures within Nigeria’s oil and gas sector.
In a statement posted on his X account, Atiku said that while he has consistently supported liberalization and the restructuring of underperforming state-owned enterprises, such efforts must be guided by transparency, national interest, and long-term strategic value.
“The Petroleum Industry Act was enacted to bring clarity, accountability, and investor confidence to a sector long plagued by opacity.
“Any attempt to amend its core provisions must be approached with caution and broad stakeholder engagement,” he stated.
He expressed worry over reported plans to reduce the Federation’s stakes in joint ventures, including RAEC JV, Oando JV, and Seplat Energy JV, warning that the terms appear to disproportionately favour select insiders and foreign entities.
“These moves, if not properly managed, could erode public trust, destabilize the sector, and compromise our energy security,” Atiku cautioned.
The former vice president stressed that any privatization exercise must be conducted transparently, through competitive bidding, and subjected to rigorous public scrutiny.
While urging the Federal Government to safeguard the country’s sovereignty over its strategic resources, Atiku said, “We must resist the temptation to pursue short-term gains at the expense of Nigeria’s national interest and long-term national stability.”
