The Petroleum and Pure Gasoline Senior Workers Affiliation of Nigeria (PENGASSAN) and the Nigeria Union of Petroleum and Pure Gasoline Employees (NUPENG), on Tuesday, rejected alleged plans by the federal authorities to promote important stakes in Joint Enterprise (JV) belongings, managed by the Nigerian Nationwide Petroleum Firm Restricted (NNPC Ltd).
The 2 essential unions warned that the transfer might endanger the nation’s financial stability, weaken its oil business and jeopardise the welfare of staff.
At a joint briefing in Abuja, PENGASSAN President, Comrade Festus Osifo talking alongside NUPENG President, Williams Akporeha, mentioned the proposed sale wouldn’t solely undermine nationwide income but additionally mortgage the way forward for coming generations.
The oil staff argued that authorities’s plan to chop its stakes in JV belongings, at present between 55 and 60 % by as a lot as 30 to 35 % for fast money was short-sighted and harmful.
The unions recalled previous divestments by worldwide oil firms akin to ENI, ExxonMobil, and Shell, which noticed their Nigerian operations acquired by home corporations.
They insisted that additional gross sales of presidency stakes would go away NNPC Ltd weakened and unable to satisfy essential obligations akin to salaries, advantages, and nationwide funds contributions.
Each unions additionally raised concern over ongoing strikes to amend the Petroleum Trade Act (PIA), handed in 2021 after many years of debate.
They alleged that the Ministry of Finance was in search of to take away the Ministry of Petroleum from joint possession of NNPC Ltd, which they described as an aberration and a backdoor try and hijack the corporate.
In accordance with them, the amendments would strip NNPC Ltd of its core nationwide function, undermine investor confidence, and finally drive the corporate out of business.
They mentioned, “Authorities is wanting to scale back its stake in these belongings, principally, they wish to promote some enormous percentages in these belongings. In some locations, promote up 35 %, in some locations promote up 30 %, in order that they are going to have some money to spend in different areas.
“That’s the excuse that they’re giving. However as an affiliation, as PENGASSAN and NUPENG, we are saying no, no, no to this. You can’t mortgage our future as we speak and tomorrow we will likely be ravenous as a rustic.
“If we enable this to proceed, it has a approach of constructing NNPC grow to be bankrupt within the subsequent few years. There are obligations that have to be met, the chief of those obligations is fee of employees salaries and welfare of our members.
“Whoever mooted this concept, whether or not from the Ministry of Petroleum, Ministry of Finance, NNPC Ltd, or the Presidency itself, we reject it 100%,” the unions mentioned.
They referred to as on President Bola Tinubu to intervene instantly and cease the method.
Particulars later…
