Nigeria's major labour unions have united against what they describe as the Federal Government's covert scheme to offload critical stakes in lucrative joint venture (JV) agreements within the oil and gas sector.
The uproar, which erupted late Wednesday, threatens to escalate into nationwide industrial action if the alleged privatization push is not immediately shelved.
The controversy centers on reports that the administration of President Bola Tinubu is quietly negotiating the sale of minority stakes held by the Nigerian National Petroleum Corporation (NNPC) in several high-profile JVs with international oil majors.
Sources close to the matter, speaking on condition of anonymity, claim the move is part of a broader fiscal strategy to raise up to $10 billion for budget deficits amid slumping global oil prices and domestic subsidy removal backlash.
Key targets reportedly include the NNPC's 55% stake in the Forcados-Yokri JV with Shell and the OML 130 JV with Chevron, both of which have been cash cows for the nation's economy for decades.
"We will not sit idly by while our national patrimony is auctioned off to foreign vultures under the guise of economic reform," thundered Festus Osifo, President of the Trade Union Congress (TUC), during a fiery press conference at the Labour House in Abuja.
Osifo, flanked by representatives from the Nigeria Labour Congress (NLC) and Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), accused the government of "economic sabotage" that could jeopardize thousands of jobs and expose the country to exploitative terms.
"These JVs are the backbone of our energy security. Selling them piecemeal is like handing over the keys to our future to the highest bidder," he added, vowing that unions would mobilize workers across the sector for a potential shutdown if consultations aren't initiated within 48 hours.
The NLC, led by Acting President Prince Adewale Adeyanju, echoed the sentiment, labeling the plan a "betrayal of the masses" in the wake of last year's fuel subsidy removal, which unions had reluctantly endorsed under duress.
"The FG promised transparency and worker protections, yet here we are, facing another round of asset stripping without a whisper of dialogue," Adeyanju stated.
PENGASSAN's Secretary General, Lumumba Okwugbawa, went further, warning that any divestment could trigger immediate strikes in upstream operations, potentially crippling exports and inflating domestic fuel prices overnight.
Government officials, caught off guard by the swift backlash, scrambled to downplay the allegations.
A spokesperson for the Ministry of Petroleum Resources insisted that no formal divestment proposals had been tabled, describing media reports as "speculative distortions of routine portfolio reviews."
"The NNPC is exploring optimization strategies to enhance value, not liquidation. We remain committed to stakeholder engagement," the official said in a terse statement.
However, insiders suggest the denials ring hollow, pointing to leaked memos from the Bureau of Public Enterprises (BPE) outlining "strategic equity sales" as early as July.
The JVs in question trace their roots to the 1970s oil boom, when Nigeria partnered with multinationals to develop its vast reserves.
Today, they account for over 70% of the country's crude production, generating billions in royalties and taxes.
Critics, including civil society groups like the Resource Control Advocacy Network, argue that past privatization efforts—such as the controversial sale of government shares in refineries—have only enriched elites while leaving workers and communities in the lurch.
As tensions simmer, the implications ripple far beyond Abuja's corridors of power.
Union leaders have issued a 72-hour ultimatum for the FG to convene emergency talks, with plans for mass protests in Lagos and Port Harcourt if unmet.
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