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The President of the Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN, Festus Osifo, has urged the Federal Government to sell only a 51 percent stake in NNPC refineries.
Osifo made this statement during an interview on Sunday Politics, a program on Channels Television that was monitored by DAILY POST.
“The reason we do not want the government to sell the refinery completely to the private sector is due to concerns regarding energy security. What we have advocated is what I mentioned earlier. The government should sell a 51 percent stake in NNPC refineries, and that aligns with the current management's direction for NNPC,” he explained.
“Indeed, there are investors who will certainly be interested in purchasing a stake in the refinery because Nigeria has a substantial population. When these refineries are properly maintained, free from political pressures and interferences, they can operate effectively,” he added.
Why should the government only sell a 51 percent stake in NNPC refineries?
Selling only a 51 percent stake helps maintain energy security while still allowing for private sector investment.
Are there investors interested in NNPC refineries?
Yes, there are investors who are keen to buy a stake in the refineries due to Nigeria's large population and potential for profitability.
Eze Chidiebere Paul
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