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PENGASSAN President Festus Osifo recommends selling only a 51% stake in NNPC refineries, retaining government control.
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Energy security remains the main concern, with full privatization seen as risky.
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Osifo highlighted that well-maintained refineries, free from political interference, can operate efficiently and attract investors.
The President of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), Festus Osifo, has called on the Federal Government to limit the sale of NNPC refineries to a 51 per cent stake, rather than a full privatization.
Osifo made the remarks during an interview on Sunday Politics, a programme on Channels Television on Sunday.
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“Why we don’t want the government to sell the refinery 100 per cent to the private sector is because of issues relating to energy security. What we have advocated—and what the current management of NNPC is working towards—is for the government to retain 49 per cent ownership while selling only a 51 per cent stake,” he said.
He further added: “There are certainly investors willing to acquire a stake in the refinery given Nigeria’s large population. When these refineries are well-maintained and protected from political pressures and interferences, they are capable of operating efficiently and contributing meaningfully to the energy sector.”
