ADC warns Tinubu against sale of NNPCL shares, says move threatens energy sovereignty

The African Democratic Congress (ADC) has urged President Bola Tinubu to halt plans to divest federal government shares in the Nigerian National Petroleum Company Limited (NNPCL), warning that the move would undermine the nation’s energy sovereignty.

Addressing a press conference in Abuja on Wednesday, Bolaji Abdullahi, the party’s National Publicity Secretary, described the proposed amendment to the Petroleum Industry Act (PIA) as an attempt to “plunder national wealth” and hand over Nigeria’s oil assets to private, politically connected interests.

“The Petroleum Industry is under siege,” Abdullahi said. “Altering the PIA forms part of a deliberate and calculated effort to hollow NNPC Limited, dismantle institutional checks and balances, and pave the way for the fire-sale of Nigeria’s most valuable national assets at the expense of 200 million Nigerians.”

The ADC aligned itself with organised labour after the Nigerian Union of Petroleum and Natural Gas Workers (NUPENG) and the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) jointly rejected the proposed amendments in a letter to the president.

According to Abdullahi, the sell-off would weaken Nigeria’s ability to stabilise fuel supply, protect against global oil shocks, and secure long-term energy strategy.

“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 warned.

“The revenues which fund our schools, hospitals, roads, and pensions will flow into private pockets while our treasury runs dry.”

The party called on civil society groups, labour unions, and young Nigerians to resist what it described as “the unfolding plunder of our national resources.”

The ADC also criticised Tinubu’s Independence Day speech, accusing the administration of worsening insecurity, economic hardship, and public disillusionment.

“Since 1999, no administration has inflicted more hardship on ordinary Nigerians, or done more to erode the foundations of national stability, than the present one,” Abdullahi said.

Despite its criticism, the ADC commended Nigerians for their resilience and the media for defending democracy and national interest.