Business Briefings
Union Urges FG to Sell Majority Stakes in Refineries
The Petroleum and Natural Gas Senior Staff Association has renewed calls for the Federal Government to divest majority stakes in state-owned refineries to private investors while retaining a minority share to safeguard national energy security.
Leaders of PENGASSAN said private participation would depoliticise refinery management, attract fresh investment, and improve efficiency across the downstream sector.
The union recommended adopting an ownership structure similar to the Nigeria LNG model, where government retains a strategic stake but operational control rests with investors possessing technical expertise.
The proposal comes amid ongoing reforms following the commercialisation of NNPCL and renewed debate over the future of domestic refining capacity.
Industry discussions have intensified after recent commendations of the Dangote Petroleum Refinery, widely seen as a benchmark for large-scale private investment in the sector.
