PENGASSAN Urges Nigerian Govt to Sell 51% Stake in Refineries for Energy Security

The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) opposes the Nigerian government's plan to sell its entire stake in refineries, advocating for a 51% sale to the private sector while retaining 49% ownership. PENGASSAN warns that a complete sell-off could jeopardize the country's energy security and stability.

Osifo, the union's president, emphasizes the strategic importance of refineries as critical infrastructure for fuel supply, price stability, and national interest protection. The union blames past mismanagement, political interference, and poor maintenance for the refineries' current state.

PENGASSAN calls for transparency and proper valuation in the sale process.