Former Vice President of Nigeria, His Excellency Atiku Abubakar, has expressed strong reservations regarding the Federal Government’s proposed amendments to the Petroleum Industry Act (PIA) and the reported plans to divest significant stakes in key joint ventures within the oil and gas sector.
In a statement shared via his verified X (formerly Twitter) account, Atiku described the developments as “disconcerting,” warning that they could undermine Nigeria’s sovereignty over its most strategic resources if not managed with transparency and fairness.
Atiku reiterated his long-standing support for liberalisation and the revitalisation of state-owned enterprises, including through privatisation where necessary. However, he stressed that such efforts must be guided by transparency, national interest, and long-term strategic value rather than short-term gains.
He noted that the PIA was designed to bring clarity, accountability, and investor confidence to Nigeria’s oil and gas industry, which has long suffered from opacity and inefficiency. He cautioned that any attempt to alter its core provisions should be handled with extreme care and through broad stakeholder engagement.
The former Vice President specifically highlighted the reported plans to reduce the Federation’s stakes in joint ventures such as RAEC JV, Oando JV, and Seplat Energy JV. He raised concerns that the terms of such divestments appeared to disproportionately favour select insiders and foreign entities, a situation he warned could erode public trust, destabilise the sector, and compromise Nigeria’s energy security.
Atiku called on the Federal Government to ensure that any privatisation or equity divestment process is transparent, subject to competitive bidding, and open to rigorous public scrutiny. He emphasised that the overarching goal must remain the protection of Nigeria’s economic future and the equitable distribution of the benefits derived from the country’s natural resources.
“We must resist the temptation to pursue short-term gains at the expense of Nigeria’s national interest and long-term stability,” Atiku declared, urging policymakers to safeguard the nation’s sovereignty and energy security in all reform efforts
