The African Democratic Congress (ADC) has warned the Federal Government against proposed amendments to the Petroleum Industry Act (PIA) and the planned sale of the Nigerian National Petroleum Company Limited’s (NNPC) equity shares, describing the move as a grave disservice to Nigeria.
ADC’s National Publicity Secretary, Bolaji Abdullahi, issued the caution at a press conference in Abuja as part of activities marking Nigeria’s 65th Independence Anniversary.
Abdullahi argued that selling off NNPC assets would not amount to reform but would instead erode Nigeria’s energy sovereignty and transfer national wealth into private hands.
He recalled that on September 22, the Nigerian Union of Petroleum and Natural Gas Workers (NUPENG) and the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) jointly wrote to President Bola Tinubu, rejecting the proposed sale.
“The ADC fully aligns with the unions’ position. If allowed to proceed, this plan will dismantle institutional checks and balances and pave the way for the fire-sale of Nigeria’s most valuable assets to politically connected interests, at the expense of more than 200 million Nigerians,” Abdullahi said.
According to him, handing over control of strategic energy assets to private operators would weaken Nigeria’s ability to stabilise energy supply and respond to global oil shocks; strip NNPC Limited of its most profitable holdings, risking collapse, job losses, and mounting debt; divert revenues meant for schools, hospitals, roads, and pensions into private pockets; and undermine national sovereignty and long-term energy security.
“If we sell off our oil assets, we are not just parting with numbers on a balance sheet—we are surrendering the lifeblood of our economy and the backbone of our sovereignty,” he warned.
Abdullahi further described the move as a dangerous precedent that could leave future generations with nothing but “memories of what was once theirs.”
He called on civil society, organised labour, the National Assembly, and young Nigerians to reject the plan and demand transparency and accountability.
Reaffirming ADC’s commitment to protecting Nigeria’s commonwealth, Abdullahi stressed that the party would continue to resist corruption and defend the economic rights of future generations.
While reflecting on Nigeria’s 65 years of independence, he saluted citizens who “have kept faith with the Nigerian dream despite enormous challenges” and urged the Tinubu administration to urgently address economic hardship, insecurity, and the growing loss of public trust in government.
