Atiku Warns Against Secretive Amendments to PIA, JV Divestments
By NaijaEnquirer Staff
Former Vice President Atiku Abubakar has raised concerns over reported plans to amend the Petroleum Industry Act (PIA) and divest substantial equity in Nigeria’s major oil joint ventures, warning that such actions could erode public trust and compromise national sovereignty.
Documents from the Office of the Attorney General of the Federation and the Ministry of Finance reportedly outline a proposed legislation titled “The Petroleum Industry (Amendment) Act 2025.” The amendment seeks to transfer concessionaire responsibilities from NNPC Ltd. to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and shift key powers to the Finance Ministry, citing the need to address escalating fiscal leakages and revenue losses.
Transparency and National Interest First
Reacting to the development in a statement on Monday, Atiku stressed that while he supports liberalisation and reform of state-owned enterprises, including privatisation, such efforts must be anchored on 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,”Atiku said.
Concerns Over JV Divestments
Reports indicate that the Federal Government may be considering reducing its stakes in joint ventures involving Renaissance Africa Energy Company Limited JV, Oando JV, and Seplat Energy JV.
Atiku warned that such divestments, if not managed properly, could disproportionately favour select insiders and foreign entities while weakening Nigeria’s control over its most strategic natural resources.
“The reported plans, especially under terms that appear to disproportionately favour select insiders and foreign entities, risk undermining Nigeria’s sovereignty over its most strategic resources,”he cautioned.
Energy Security at Stake
The former Vice President emphasised that mismanaged divestments could destabilise the oil and gas sector and compromise Nigeria’s energy security. He urged the Federal Government to adopt an open, competitive, and transparent process if it proceeds with privatisation.
“Any privatisation exercise must be conducted with full transparency, guided by competitive bidding, and subject to rigorous public scrutiny,”Atiku said.
Safeguarding Nigeria’s Future
Atiku reiterated that safeguarding Nigeria’s long-term economic stability and ensuring equitable distribution of resource wealth must remain the guiding principles of any reforms.
“The process must reflect our shared commitment to protecting Nigeria’s economic future and ensuring that the benefits of our natural resources are equitably distributed. We must resist the lure of short-term gains at the expense of national interest and long-term stability,”he added.
His warning comes amid growing public scrutiny of the Federal Government’s fiscal strategies and the management of Nigeria’s oil and gas resources.
