Atiku cautions FG against hasty amendments to PIA, JV divestments
Former Vice President and opposition leader, Alhaji Atiku Abubakar, has raised concerns over the lack of transparency in the proposed amendments to the Petroleum Industry Act (PIA) and the planned divestment of significant equity in key joint ventures in Nigeria’s oil and gas sector. In a statement posted on his social media platforms, Atiku said […]
Former Vice President and opposition leader, Alhaji Atiku Abubakar, has raised concerns over the lack of transparency in the proposed amendments to the Petroleum Industry Act (PIA) and the planned divestment of significant equity in key joint ventures in Nigeria’s oil and gas sector.
In a statement posted on his social media platforms, Atiku said that while he has “consistently advocated for liberalisation and the revitalisation of underperforming state-owned enterprises,” such efforts must be guided by transparency, national interest, and long-term strategic value.
The Peoples Democratic Party (PDP) presidential candidate in the last general election warned 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 allegedly favour select insiders and foreign entities-could undermine Nigeria’s sovereignty over its most strategic resources.
He said if not properly managed, these moves could erode public trust, destabilise the sector, and compromise Nigeria’s energy security.
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“The federal government must ensure that any privatization exercise is conducted with full transparency, guided by competitive bidding, and subject 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.
“We must resist the temptation to pursue short-term gains at the expense of Nigeria’s national interest and long-term national stability,” Atiku said.
He further noted that the PIA was enacted to bring clarity, accountability, and investor confidence to a sector long plagued by opacity.
Any attempt to amend its core provisions, he cautioned, must be approached with caution and broad stakeholder engagement.