The African Democratic Congress (ADC) has accused the Federal Government of planning to secretly sell critical assets of the Nigerian National Petroleum Company Limited (NNPCL), warning that such action poses a significant threat to Nigeria’s economic sovereignty and transparency in public asset management.
In a statement released on Tuesday, the ADC described the alleged plan as an “economic ambush” and called on the government to immediately halt any attempt to privatize NNPC assets without a comprehensive and transparent audit process.
The party’s National Publicity Secretary, Mr. Bolaji Abdullahi, said the ADC was alarmed by reports suggesting the government was considering a sale of the country’s oil and gas infrastructure, including refinery assets, despite recent rehabilitation efforts reportedly costing the country over $18 billion.
“It is unacceptable that after years of allocating public funds for the turnaround maintenance of the Port Harcourt, Warri, and Kaduna refineries, the same government is now pushing to privatize them without accountability,” the statement read.
The ADC insisted that before any sale or concession of public energy assets is considered, a forensic audit of NNPC operations and capital expenditures must be carried out.
The party also called for the publication of all contracts, stakeholders involved, and the financial status of the assets.
The statement further warned that selling off national assets under opaque circumstances could lead to cronyism and a repeat of past privatization failures that left key sectors in decline.
Unions, Experts Share Concerns
The ADC’s position aligns with concerns previously expressed by petroleum industry unions.
The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) and the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) have both opposed the sale of government-owned Joint Venture (JV) oil assets, warning that the plan could jeopardize national energy security and revenue stability.
In separate statements, the unions said the reported proposal to cut the government’s equity in JV assets from about 55% to between 20% and 30% could limit the NNPCL’s ability to meet financial obligations and reduce its strategic influence in the sector.
They also raised alarm over an alleged attempt by the Ministry of Finance Incorporated (MOFI) to take over shares currently managed by the Ministry of Petroleum, which they described as an “illegal encroachment” into the structure of NNPC ownership.
Call for Legislative Oversight
The ADC urged the National Assembly to initiate public hearings to examine the government’s intentions regarding NNPC assets.
It further recommended that civil society organisations, industry experts, and anti-corruption bodies be involved in evaluating any proposed transactions.
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According to the party, Nigeria must avoid the mistakes of previous privatization exercises, which often transferred key public infrastructure to private interests without long-term developmental gains for the nation.
FG Yet to Respond
As of press time, there has been no official response from the Ministry of Petroleum Resources or the Nigerian National Petroleum Company Limited regarding the ADC’s allegations.
However, government officials in recent weeks have suggested that asset sales may be necessary to raise capital and reduce fiscal pressure.
NNPCL has also stated that its ongoing reforms are aimed at enhancing efficiency and transparency, while accusing certain unnamed actors of attempting to sabotage its transformation agenda.
