Former Vice President Atiku Abubakar has expressed concern regarding recent reports about proposed amendments to the Petroleum Industry Act (PIA) as well as plans to divest substantial equity in major joint ventures within Nigeria’s oil and gas industry.
In an official statement on his X handle, Atiku affirmed his longstanding support for liberalization and the restructuring of underperforming state-owned enterprises, emphasizing that these initiatives should be driven by transparency, national interest, and a focus on long-term strategic value.
Atiku said: “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 voiced concern regarding reported proposals to decrease the Federation’s interests in joint ventures such as RAEC JV, Oando JV, and Seplat Energy JV, cautioning that the conditions seem to unduly benefit certain insiders and foreign entities.
“These moves, if not properly managed, could erode public trust, destabilize the sector, and compromise our energy security,” Atiku warned.
While urging the Federal Government to safeguard the country’s sovereignty over its strategic resources, Atiku stated that privatization processes should be transparent, follow competitive bidding procedures, and undergo thorough public review.
He urged the President Tinubu administration to resist the temptation to pursue short-term gains at the expense of Nigeria’s national interest and long-term stability.
