Lagos, Nigeria – The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has renewed its call for the Federal Government to divest majority shares in the nation’s state-owned refineries, urging authorities to adopt the Nigeria LNG model by selling at least 51 percent equity to core investors.
Okay News reports that National President Festus Osifo made the recommendation on Sunday while featuring as a guest on Channels Television. He said the union has consistently canvassed partial privatisation of the refineries over the past two decades, insisting that government ownership structure has hindered efficiency and commercial viability. Under this arrangement, the government would retain a minority stake while selling a majority shareholding to core investors with refining expertise rather than portfolio investors or political associates.
Osifo cited the Nigeria LNG model as a successful example, where a combination of ENI, TotalEnergies, and Shell holds 51 percent. He argued that divesting majority shares to private refiners would depoliticise refinery management, encourage fresh investment, and promote profitability. He expressed support for the current NNPCL management’s move to attract investors but maintained that the government should retain a minority stake to safeguard energy security.
The call comes amid renewed debate over the future of Nigeria’s moribund state-owned refineries following the commercialisation of the Nigerian National Petroleum Company Limited. It also follows remarks by Group Chief Executive Officer Bayo Ojulari, who on Saturday praised the Dangote Petroleum Refinery during his first official tour, describing it as a symbol of technological audacity and national pride. NNPC currently holds a seven percent equity stake in the privately owned refinery.
Osifo assured that selling a majority stake would not compromise energy security as long as the government retains a minority interest. The union’s position signals organised labour’s conditional support for majority private participation in the country’s refining sector, provided operations are insulated from political interference.
 has renewed its call for the Federal Government to divest majority shares in the nation's state-owned refineries, urging authorities to adopt the Nigeria LNG model by selling at least 51 percent equity to core investors.){kind=link}