The Committee of Patriotic Forces (CPF) has issued a strong statement opposing the Federal Government’s plan to sell significant portions of Nigeria’s equity in some of its most profitable oil and gas joint ventures (JVs). The move, led by the Ministry of Petroleum Incorporated (MOPI) and the Ministry of Finance Incorporated (MOFI), would see stakes sold to private entities, reducing the government’s control over strategic assets that have long been considered the backbone of the Nigerian economy.
According to the statement, the government plans to divest from three major joint ventures:
- Renaissance Africa Energy Company Joint Venture (RAEC JV): Nigeria currently holds 55 percent equity, represented by NNPCL. The plan calls for selling 25 percent of this equity to Sterling Global Oil Company, an Indian oil firm, leaving Nigeria with just 30 percent in the partnership.
- Oando Joint Venture (Oando JV): Here, Nigeria holds 60 percent equity, also managed by NNPCL. The government proposes selling 25 percent to Oando Oil Company, led by Wale Tinubu, a Nigerian energy executive, reducing the Federation’s stake to 35 percent.
- Seplat Energy Producing Nigeria Unlimited Joint Venture (SEPNU JV): Of the 60 percent equity held, the government intends to sell 35 percent to a company owned by Chagoury Chagoury, cutting the Federation’s holding down to 25 percent.
The CPF cautioned that the sale of these strategic national assets to a select group of private individuals would undermine Nigeria’s sovereignty and control over its economic future. They argued that upstream oil and gas assets play a pivotal role in sustaining the nation’s economy, and divestment could lead to “economic shocks and collapse.”
Energy security emerged as another critical concern, with the CPF warning that transferring ownership could weaken Nigeria’s ability to protect its energy resources and future interests. The statement noted that the JVs account for 60 percent of the country’s most reliable sources of revenue and foreign exchange, and shrinking the government’s stake would diminish these vital inflows.
Beyond financial ramifications, the CPF underscored potential risks to jobs, skills development, and local content initiatives. The reduction in government equity could endanger employment opportunities and the role of Nigerians in managing their resources. “Sale of national assets endangers existing and potential employment,” the statement read, warning that diminished influence could compromise field development, local content targets, and community obligations.
The statement concluded with a warning about the permanence and precedent set by selling these “crown jewels.” Once divested, the assets would be difficult and costly to recover, potentially paving the way for further disposals and undermining intergenerational equity in the management of Nigeria’s natural resources.
The CPF then called on all Nigerians to defend the nation’s interests, insisting that these assets should not be “traded away behind closed doors for the benefit of a few.” The group urged citizens to stand up in protection of resources that belong to the people and have sustained the country since the discovery of crude oil.
