The exercise of privatization must be conducted in full transparency, Atiku says to FG – Thage

By Victor Osula, Abuja

Former vice -president Atiku Abubakar urged the federal government to ensure that any privatization exercise is conducted with full transparency, led by competitive offers and subject to rigorous public control.

Atiku’s demand came among the amendments proposed to the Petroleum Industry Act (PIA) and the planned disinvestment of significant equity in the key ventures within the oil and gas sector.

Speaking on Monday, in a post on his official Facebook account, the former vice -president said that “these moves, if not correctly managed”, could erode public trust, destabilize the oil sector and compromise our energy safety.

Atiku, who urged the federal government to resist the temptation to pursue short -term earnings at the expense of the national interest of Nigeria and long -term national stability, has charged that each privatization process must reflect the shared commitment in protecting the economic future of Nigeria and ensuring that the benefits of “our natural resources” are equipped.

The declaration stated: “The recent developments that surround the amendments proposed to the Petroleum Industry Act (PIA) and the planned disinvestment of significant equity in the key ventures within the oil and gas sector are disconcerting.

“Although I have constantly supported the liberalization and revitalization of underprivating state -owned companies, also through privatization, where necessary, it is essential that these efforts are guided by transparency, national interest and long -term strategic value.

“The law on the oil industry has been issued to bring clarity, responsibility and trust of investors to a sector for a long time afflicted by the opacity. Any attempt to change its basic provisions must be addressed with caution and a large commitment of the interested parties.

“The plans reported to reduce the stake in the game of the Federation in Joint Venture such as Raec JV, Ondando JV and Seplat Energy JV, in particular in terms that seem to favor in an disproportionate manner of professionals and foreign entities, risk undermining the sovereignty of Nigeria for its most strategic resources.

“These moves, if not correctly managed, could erode public trust, destabilize the sector and compromise our energy security.

“The federal government must guarantee that any privatization exercise is conducted with full transparency, led by competitive offers and subject to rigorous public control. The process must reflect our shared commitment to protect the economic future of Nigeria and ensure that the benefits of our natural resources are equally distributed.

“We must resist the temptation to pursue short -term gains at the expense of Nigeria’s national interest and long -term national stability”.

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