Sell Nigerian Refineries To Real Refiners, Not Politicians

Sell Nigerian Refineries To Real Refiners, Not Politicians – PENGASSAN Tells FG
Minority government stake recommended to safeguard Nigeria’s energy security.
NLNG-style privatisation seen as path to efficiency and profitability.

The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has renewed its call on the Federal Government to divest majority shares in the country’s state-owned refineries, urging the adoption of a model similar to that of Nigeria Liquefied Natural Gas (NLNG).

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EKO HOT BLOG reports that National President of PENGASSAN and Trade Union Congress (TUC), Festus Osifo, made the recommendation on Sunday during an appearance on Politics Today on Channels Television. He said the government should retain a minority stake while selling at least 51 per cent equity to genuine investors with proven refining capacity.

“For over 20 years, PENGASSAN has advocated that government ownership has hampered efficiency and commercial viability in our refineries. A model similar to NLNG, where the government holds a minority stake while private investors control the majority, will depoliticise management, attract investment, and ensure profitability,” Osifo said.

He stressed that buyers must be active refiners, not portfolio investors or political affiliates. “Decisions will no longer be subjected to political whims. Business-focused investors will drive efficiency and profit, which is what we have always advocated,” he added.

While supporting majority private participation, Osifo cautioned against full privatisation. Retaining a minority stake, he explained, is essential for energy security and protecting national interests.

The call follows broader reforms in Nigeria’s oil and gas sector, including the commercialisation of the Nigerian National Petroleum Company Limited (NNPCL). Osifo highlighted that private investments in the sector, such as the Dangote Refinery where NNPCL holds a seven per cent stake—demonstrate how minority government ownership can coexist with operational efficiency.

PENGASSAN’s recommendation reflects organised labour’s conditional support for partial privatisation, advocating for private-sector expertise while ensuring the Federal Government safeguards national energy security.