By Ambrose Ologide
A group known as the Advocacy Group of Concerned Nigerians has written an open letter to President Bola Tinubu on an alleged plan to sell the Nigerian federation’s equity in the joint ventures in the oil and gas industry.
This was contained in an open letter to President Tinubu titled: ‘DO NOT SELL THE NIGERIAN FEDERATION’S EQUITY IN THE JOINT VENTURES IN THE OIL AND GAS INDUSTRY’ signed by Ishaya Mallaimnu, Yauyau Alhaji (North East, North West), Pat Illuya, Ade Pablo (North Central, South West) and Ude Muooma, Johnny Johnny (South East, South West) made available to newsmen at the weekend.
The open letter reads inter alia ‘This is to inform Mr. President and Commander-in-Chief of the Armed Forces of Nigeria, President Bola Ahmed Tinubu about the rumour making rounds that some people of influence who are also close to the corridors of power in Nigeria are currently bidding and pushing to buy the Nigerian Federation’s Joint Venture (JV) equities in the upstream Oil and Gas industry.
‘We write to inform Mr. President on the rumour that Ministry of Petroleum Incorporated (MOPI) and Ministry of Finance Incorporated (MOFI) are planning to sell the following Upstream Oil and Gas JV equities which belong to the Nigerian people: ‘1. Renaissance Africa Energy Company (RAEC) JV: – It is rumoured that MOPI and MOFI are planning to sell 25% or more of the Nigerian Federation’s equity in the RAEC JV. The Federation’s equity in the JV is 55%. So, selling 25% out of 55% will leave the Nigerian Federation with only 30% equity in the JV.
‘2. Oando JV: – It is rumoured that MOPI and MOFI are planning to sell 25% or more of the Nigerian Federation’s equity in the Oando JV. The Federation’s equity in the JV is 60%. So, selling 25% out of 60% will leave the Nigerian Federation with only 35% equity in the JV.
‘3. NNPC/Seplat Energy Producing Nigeria Unlimited (SEPNU) JV: – It is further rumoured that MOPI and MOFI are planning to sell 35% or more of the Nigerian Federation’s equity in the SEPNU JV. The Federation’s equity in the JV is 60%. So, selling 35% out of 60% will leave the Nigerian Federation with only 25% equity in the JV.
‘Mr. President this is to remind you that these Joint Venture equities belong to the Nigerian people, and any attempt to sell these equities amounts to selling Nigeria. We understand that the powerful interests that want to buy these assets are posing as if they have your endorsement. We also know that you will hardly support any move to give away Nigeria’s most prized assets to private profiteering individuals. The point remains that in your capacity today as the President and Commander-in-Chief, it is your responsibility to protect every asset belonging to the Nigerian Federation, especially prolific Oil and Gas JV Assets that have been a source of revenue to the Nigerian people since the 1970s.
‘We use this medium to call on Mr. President and Commander-in-Chief of the Armed Forces of Nigeria, to call these powerful interests to order. Mr. President, we implore you to quickly send out a strong warning that the Federation’s JV asset is not for sale. Remember that it is not in your time as President of Nigeria that the Nigerian Federation’s Oil and Gas JV asset will be sold to private profiteering individuals. Posterity will hold you to account forever if that happens in your time.
‘It is good you note, Mr. President, that these individuals who are pushing to annexe the nation’s assets are not doing so in your best interest. Rather, they want to make you a perpetual enemy of the Nigerian people. They are not doing this to support your 2027 ambition for a second term in office; rather, they are trying to grab whatever they can grab before 2027. This is our appeal to you to resist the temptation of taking their part in trying to destroy Nigeria.
‘Finally, it is good that you are on the side of the people, please do not sell Nigeria.
Signed on behalf of over 200 million Nigerians.’
