Oil Politics, PIA, and the Power Shift We’re Not Talking About
By Njideka Maduka Journalist On Tuesday, September 24th, Nigeria’s oil sector found itself in the eye of the storm, the consequences of which will be revealed in the days to come. Oil unions- the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) and the National Union of Petroleum and Natural Gas Workers (NUPENG), led by Festus Osifo and Williams Akporeha respectively, strongly rejected the Federal Government’s alleged plan to sell off 30–35% of its stakes in Joint Venture (JV) oil assets. (FG currently holds between 55% and 60% of such assets through NNPCL.) They argue this move would: - Weaken NNPCL financially - Put Nigeria’s oil sector in foreign hands - Undermine national budget contributions - Strip the Petroleum Industry Act (PIA) of its stability They’re also resisting proposed amendments to the PIA, warning that frequent changes will scare away investors and destabilize the sector. But here’s something I’ve...