Former Vice President Atiku Abubakar has expressed strong reservations over the proposed amendments to the Petroleum Industry Act (PIA) and the Federal Government’s reported plans to divest significant equity in key oil and gas joint ventures.
In a statement issued on Monday, Atiku described the development as “disconcerting,” stressing that while he has always supported liberalization and the reform of underperforming state-owned enterprises, such moves must be anchored on transparency, national interest, and long-term strategic value.
He noted that the PIA was enacted to bring clarity, accountability, and investor confidence to Nigeria’s oil and gas sector, which has historically been plagued by opacity. “Any attempt to amend its core provisions must be approached with caution and broad stakeholder engagement,” Atiku warned.
The former Vice President pointed out that reported plans to reduce the Federation’s stakes in joint ventures such as RAEC JV, Oando JV, and Seplat Energy JV—under terms that appear to favour select insiders and foreign entities—pose serious risks. According to him, such a move could undermine Nigeria’s sovereignty over its most strategic resources, erode public trust, destabilize the energy sector, and compromise national security.
He urged the Federal Government to ensure that any privatization exercise is conducted with full transparency, through competitive bidding, and subjected to rigorous public scrutiny. “The process must reflect our shared commitment to protecting Nigeria’s economic future and ensuring that the benefits of our natural resources are equitably distributed,” he stated.
Atiku further cautioned against sacrificing long-term stability for short-term gains, insisting that Nigeria’s energy security and economic sovereignty must remain the guiding principles in any reform of the oil and gas industry.
Reported by: Stone Reporters News
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