Former Vice President Atiku Abubakar has expressed concern over recent developments regarding proposed amendments to the Petroleum Industry Act (PIA) and plans to divest significant government equity in major oil and gas joint ventures.
In a statement, Atiku said while he supports liberalization and the revitalization of underperforming state-owned enterprises, including through privatization when necessary, such initiatives must be anchored in transparency, national interest, and long-term strategic value.
He emphasized that the PIA was enacted to provide clarity, accountability, and investor confidence in a sector historically plagued by opacity. Atiku warned that any attempt to amend its core provisions should be approached cautiously and involve broad stakeholder engagement.
The former vice president specifically highlighted concerns over plans to reduce the Federation’s stakes in joint ventures such as RAEC JV, Oando JV, and Seplat Energy JV, describing terms that seemingly favour select insiders and foreign entities as potentially undermining Nigeria’s sovereignty over its strategic resources.
“These moves, if not properly managed, could erode public trust, destabilize the sector, and compromise our energy security,” Atiku stated.
He urged the Federal Government to ensure that any privatization exercise is conducted transparently, with competitive bidding, and subject to rigorous public scrutiny, stressing that short-term gains should not compromise Nigeria’s economic future and long-term stability.
