NUPENG and PENGASSAN has formally rejected a federal plan to sell significant portions of NNPC Limited’s equity in high-performing joint ventures, calling the move a direct threat to Nigeria’s economic security.
The unions issued a strongly-worded letter to President Bola Tinubu on September 22, 2025, framing the proposed NNPC equity sale as an urgent national concern, that could jeopardize Nigeria’s economic security and energy independence.
The unions say the Ministry of Petroleum Incorporated (MOPI) and the Ministry of Finance Incorporated (MOFI) intend to dispose of NNPC stakes in several of the country’s best-performing oil JVs by selling NNPC Limited’s equity to private entities.
The letter specifically names the Renaissance and Oando JVs and the NNPC/SEPNJU JV as targets of the proposed sell-off.
According to the unions, the plan for the Renaissance and Oando JVs is to sell at least 25 percent out of the 55 percent equity NNPC holds on behalf of the federation, leaving Nigerians with just a 30 percent stake in each venture.
For the SEPNJU JV the unions state MOPI and MOFI intend to sell 35 percent or more of the federation’s 60 percent equity, which would reduce NNPC’s interest in that JV to roughly 25 percent.
NUPENG and PENGASSAN argue these transactions amount to the disposal of strategic national assets to a few well-connected private entities at the expense of Nigeria’s economic future.
The unions warned that shrinking the public equity base in the upstream will diminish state control over production, pricing and long-term resource management.
The unions warned that once these assets are disposed there will be a huge strain on the finances of NNPC Limited, leaving the company unable to meet financial obligations to social partners. They singled out employees and union members who could face losses in jobs, benefits and pension security as NNPC’s revenue base erodes.
NUPENG and PENGASSAN cautioned that handing decisive control to a few private interests would weaken Nigeria’s sovereign ability to plan, stabilise supply and respond to economic shocks. The unions emphasised that the upstream remains the backbone of Nigeria’s economy and that reduced public control could raise the country’s exposure to supply disruption and volatility.
The letter points out that these JVs are among the country’s most reliable earners and that shrinking the public stake today will shrink tomorrow’s inflows to the federation.
The unions warned taxes and dividends accruable to the federation, and therefore foreign-exchange earnings tied to oil revenue, would decline drastically if the proposed NNPC equity sale proceeds.
