Abuja — Former Vice President Atiku Abubakar has raised concerns over recent reports of planned amendments to the Petroleum Industry Act (PIA) and proposals to divest significant equity in key joint ventures within Nigeria’s oil and gas sector.
In a statement released on his X handle, Atiku said that while he has consistently supported liberalization and the restructuring of underperforming state-owned enterprises, such efforts must be 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,” he stated.
He expressed worry over reported plans to reduce the Federation’s stakes in joint ventures, including RAEC JV, Oando JV, and Seplat Energy JV, warning that the terms appear to disproportionately favour select insiders and foreign entities.
“These moves, if not properly managed, could erode public trust, destabilize the sector, and compromise our energy security,” Atiku cautioned.
The former vice president stressed that any privatization exercise must be conducted transparently, through competitive bidding, and subjected to rigorous public scrutiny.
“We must resist the temptation to pursue short-term gains at the expense of Nigeria’s national interest and long-term stability,” he said, urging the Federal Government to safeguard the country’s sovereignty over its strategic resources.
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