Group Rejects Plan To Sell Nigeria’s Oil Stakes To Oando And Chagoury-linked Firm

The Committee of Patriotic Forces has kicked against the Federal Government’s plan to sell large portions of Nigeria’s equity in key upstream oil and gas joint ventures, warning that the move could cripple the economy, undermine energy security, and hand control of vital national assets to a few politically connected individuals.

In a statement on Wednesday, the group said the Ministry of Petroleum Incorporated (MOPI) and the Ministry of Finance Incorporated (MOFI) are driving efforts to dispose of strategic shares currently managed by the Nigerian National Petroleum Company Limited (NNPC) on behalf of the Federation.

According to the group, the proposal includes selling 25% of Nigeria’s 55% stake in Renaissance Africa Energy Company JV to Indian-owned Sterling Global Oil, cutting Nigeria’s holding to 30%. It also involves transferring 25% of Nigeria’s 60% stake in Oando JV to Oando Oil Company, leaving the country with 35%.

Oando is led by Wale Tinubu, a nephew of President Bola Tinubu. His family ties have fueled public concern that the company is receiving favourable treatment under the current administration.

The plan further proposes selling 35% of Nigeria’s 60% equity in Seplat Energy Producing Nigeria Unlimited JV to a company owned by billionaire Gilbert Chagoury, leaving Nigeria with only 25%. Chagoury’s construction firm recently secured the ₦15.6 trillion Lagos-Calabar Coastal Highway contract, a project that drew criticism over lack of transparency. Investigations have also linked President Tinubu’s son, Seyi, to business dealings with Chagoury’s family.

The Committee described these JVs as the “crown jewels” of Nigeria’s petroleum industry and a critical source of national revenue and foreign exchange. It warned that selling them off would erode sovereignty, reduce foreign exchange earnings, threaten jobs, weaken local content policies, and trigger economic instability.

The group also opposed plans to amend sections of the Petroleum Industry Act (PIA), enacted in 2021, calling it self-serving and dangerous. It argued that the amendments were designed to transfer deepwater oil assets to a handful of wealthy allies of the government, discouraging investment and destabilizing the sector.

Calling for nationwide resistance, the Committee urged citizens, labour unions, and civil society to reject what it described as “a dangerous precedent.”

“These assets belong to Nigerians. They must not be traded away behind closed doors for the benefit of a few,” the statement said.