ADC Warns Against Sale of NNPC Assets, Amendments to Petroleum Act
The African Democratic Congress (ADC) has cautioned the Federal Government against amending the Petroleum Industry Act (PIA) and selling the Nigerian National Petroleum Company Limited (NNPC Ltd)’s equity in joint ventures.
The party said the move could undermine Nigeria’s sovereignty, weaken its economy, and endanger future generations.
This was disclosed in Abuja on Wednesday during a press briefing to mark Nigeria’s 65th independence anniversary. The event was addressed by Mallam Bolaji Abdullahi, National Publicity Secretary of the ADC, who spoke on behalf of the party.
Abdullahi warned that handing over NNPC’s most valuable assets to private investors would go beyond a financial decision.
“If we sell off our oil assets, we are not just parting with numbers on a balance sheet, we are surrendering the lifeblood of our economy and the backbone of our national sovereignty,” he said.
The ADC said it fully supports the position of the Nigerian Union of Petroleum and Natural Gas Workers (NUPENG) and the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN).
Both unions had earlier written to President Bola Tinubu rejecting the proposed amendments and asset sales.
According to Abdullahi, the proposals form part of a deliberate attempt to weaken NNPC Ltd, dismantle institutional safeguards, and hand public wealth to private, politically connected interests.
He argued that ceding control of profitable oil ventures would reduce Nigeria’s ability to stabilise energy supply, manage global oil price shocks, and plan for long-term energy security.
The ADC spokesperson further warned that stripping NNPC of its strongest revenue sources would push the company into debt.
He said such a move would threaten thousands of jobs and cut off vital government income needed for schools, hospitals, roads and pensions.
“Most dangerously of all, it would set an irreversible precedent, turning our commonwealth into private property, and leaving future generations with nothing but memories of what was once theirs,” Abdullahi added.
Beyond the oil sector, Abdullahi used the press conference to criticise the state of the nation at 65.
He accused President Tinubu and the ruling All Progressives Congress (APC) of worsening economic hardship and failing to address insecurity.
According to him, the government’s economic reforms have deepened inflation, eroded purchasing power, and created social pain without cushioning measures.
“At 65, our nation is staggering under the failures of President Bola Ahmed Tinubu and the All Progressives Congress. The promise of ‘renewed hope’ has given way to widespread disillusionment,” he declared.
On security, he lamented the continued activities of Boko Haram, ISWAP, bandits and kidnappers across the country, including attacks in the Federal Capital Territory.
He said the government had yet to outline or implement a comprehensive security plan, leaving Nigerians vulnerable and unprotected.
Abdullahi also criticised what he called the collapse of institutional credibility. He pointed to strikes, protests, decaying infrastructure and record youth unemployment as proof of growing discontent.
The ADC urged civil society groups, labour unions, the National Assembly and young Nigerians to resist the proposed amendments and asset sales.
“Civil society must stand firm. The National Assembly must reject any attempt to amend the Petroleum Industry Act in ways that serve private or political interests. And young Nigerians must organise, speak out, and demand full transparency and accountability,” he urged.
He added that Nigeria’s independence anniversary should serve as a time of reflection rather than despair.
“At 65, Nigeria must not stand for power, profit or politics. Nigeria must stand for the people,” Abdullahi said.
