Abuja, Nigeria | September 24, 2025
The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has rejected reported plans by the Federal Government to sell strategic Joint Venture (JV) oil assets.
Speaking in Abuja, PENGASSAN President, Festus Osifo, said crude oil assets in the country are owned by the federation and currently managed on its behalf by the Nigerian National Petroleum Company Limited (NNPC Ltd).
He stated that the government holds between 55 and 60 percent equity in the JV assets, stressing that such stakes remain strategic to national interest.
Osifo warned that any move to dispose of the assets would not only undermine Nigeria’s control over critical resources but also affect the livelihood of oil workers.
He argued that the majority of daily crude oil production is linked to locally managed assets, adding that the association would resist any attempt to privatize them.
While labour leaders have voiced strong opposition, industry analysts note that detailed data on production shares between indigenous companies and international operators remains limited, underscoring the need for clarity on ownership and operational responsibilities.
PENGASSAN maintained that it would continue to engage the government to ensure that national assets are preserved and managed in a way that safeguards workers’ interests and secures long-term energy stability.
