Former Vice President of Nigeria, Abubakar Atiku has said recent developments surrounding the proposed amendments to the Petroleum Industry Act (PIA) and the planned divestment of significant equity in key joint ventures within the oil and gas sector are disturbing.
In an opinion, Atiku said, “While I have consistently advocated for liberalization and the revitalization of underperforming state-owned enterprises, including through privatization where necessary, it is imperative that such efforts are 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.
“The reported plans to reduce the Federation’s stakes in joint ventures such as RAEC JV, Oando JV, and Seplat Energy JV, especially under terms that appear to disproportionately favour select insiders and foreign entities, risk undermining Nigeria’s sovereignty over its most strategic resources. These moves, if not properly managed, could erode public trust, destabilize the sector, and compromise our energy security.
“The Federal Government must ensure that any privatization exercise is conducted with full transparency, guided by competitive bidding, and subject to rigorous public scrutiny.
“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 temptation to pursue short-term gains at the expense of Nigeria’s national interest and long-term national stability”, Atiku said.
