ATIKU WARNS FG AGAINST HASTY AMENDMENTS TO PIA, JV DIVESTMENTS
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By Shodayo Sunmisola Michael
Abuja — Former Vice President Atiku Abubakar has expressed apprehensions regarding recent announcements concerning proposed modifications to the Petroleum Industry Act (PIA) and initiatives to divest substantial equity in significant joint ventures within Nigeria’s oil and gas domain.
In a statement disseminated via his X account, Atiku articulated that although he has persistently advocated for the liberalization and restructuring of underperforming state-owned enterprises, such initiatives must be driven by transparency, national interest, and enduring 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 remarked.
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He conveyed concern regarding reported intentions to diminish the Federation’s interests in joint ventures, including RAEC JV, Oando JV, and Seplat Energy JV, cautioning that the conditions seem to disproportionately benefit select insiders and foreign entities.
“These moves, if not properly managed, could erode public trust, destabilize the sector, and compromise our energy security,” Atiku warned.
The former vice president emphasized that any privatization initiative must be executed transparently, through competitive bidding processes, and subjected to thorough public examination.
“We must resist the temptation to pursue short-term gains at the expense of Nigeria’s national interest and long-term stability,” he asserted, urging the Federal Government to protect the nation’s sovereignty over its strategic resources.
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