PENGASSAN Pushes for 51% Private Ownership of Refineries

The Petroleum and Natural Gas Senior Staff Association of Nigeria has renewed its call for the Federal Government to divest majority shares in the country’s state-owned refineries, recommending a framework similar to that of Nigeria LNG Limited. The union said at least 51 per cent equity should be sold to core investors to enhance efficiency and attract fresh capital into the sector.

Speaking during a TV  interview, the National President of PENGASSAN and the Trade Union Congress, Festus Osifo, said the union has consistently pushed for partial privatisation over the past two decades. He argued that full government ownership has limited commercial viability and slowed operational progress at the refineries.

Osifo maintained that majority shares should be transferred strictly to experienced refiners rather than political associates or portfolio investors. According to him, private operators with technical expertise would make market-driven decisions, reduce political interference and improve profitability across the facilities.

He, however, stressed that the government must retain a minority stake to protect national energy security. His remarks come amid ongoing reforms following the commercialisation of the Nigerian National Petroleum Company Limited and renewed debate over the future of Nigeria’s refining sector.