ADC Opposes Sale Of Nigeria’s Oil Assets

The African Democratic Congress (ADC) has  kicked against the planned sale of Nigeria’s oil assets.

The party’s national publicity secretary, Malam Bolaji Abdullahi, who stated this at a press conference, said the Petroleum Industry is under siege.

He described the planned sale as a devastating assault launched on the national oil assets which must be stopped.

ADC spokesman 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) sent a joint letter to President Tinubu, rejecting the proposed amendments to the Petroleum Industry Act (PIA), and the planned sale of NNPC Limited’s equity in high-performing joint ventures.

Abdullahi said the ADC is fully aligned with the unions’ position on both the proposed amendments and the sell-offs, adding “We also believe that if allowed to proceed, the planned actions of this administration would not only undermine Nigeria’s energy sovereignty, but it would also amount to a brazen transfer of public assets into private hands in a manner never experienced in the history of our country.”

He added that the party has carefully examined the proposed amendments to the PIU, and is convinced that this action form part of a deliberate and calculated effort to hollow out NNPC Limited, dismantle institutional checks and balances, and pave the way for the fire-sale of Nigeria’s most valuable national assets to private, politically-connected interests at the expense of 200 million Nigerians.

He further stated that handing over decisive control of these assets to private interests, the government weakens Nigeria’s ability to stabilise energy supply, respond to global oil shocks, or plan long term energy strategies in the national interest.

“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 national sovereignty. It would mean that Nigeria, a country that once stood as a giant of energy in Africa, would wake up tomorrow without control over its own resources.

“It would mean that the revenues which fund our schools, hospitals, roads, and pensions will flow into private pockets while our treasury runs dry. It would mean NNPC Limited, stripped of its most profitable holdings, will stagger under debt and obligations it can no longer meet, risking collapse and the loss of thousands of jobs. It would mean that our energy security — our ability to stabilize fuel supply, protect against global shocks, and plan for the future – will be handed to a few private entities whose only loyalty is to profit, not to the Nigerian people. Most dangerously of all, it would set an irreversible precedent, turning our common wealth into private property, and leaving future generations of Nigerians with nothing but memories of what was once theirs.

“Fellow Nigerians, what lies before us is not merely a matter of policy or legislative adjustment – it is a battle for the very soul of our nation’s economy. At stake is the kind of Nigeria we are building, and more importantly, for whom we are building it.”

ADC called on civil society organisations and other stakeholders to stand firm and resist this unfolding plunder of national resources.

“The National Assembly, both current members and those who have served before, must reject any attempt to amend the Petroleum Industry Act in ways that serve private or political interests over the public good. Labor unions, particularly those in the vital oil and gas sector, must act decisively to protect our national sovereignty and strategic assets. And to the young people of Nigeria — those who will bear the long-term consequences of today’s decisions — we urge you to organize, speak out, and demand full transparency and accountability.

“At 65, Nigeria must not stand for power, profit, or politics. Nigeria must stand for the people.

The African Democratic Congress reaffirms its commitment to protecting Nigeria’s commonwealth, resisting corruption in all its forms, and defending the economic rights of future generations.

“Let this be our legacy — that when it mattered most, we stood up, spoke out, and said no to the selling of Nigeria,” the party said.