The Nigerian National Petroleum Company Limited (NNPCL) has put some of its oil and gas assets up for sale, inviting bids from interested parties.
This move has been confirmed by Jerry Amah, the General Secretary of Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN).
According to Amah, prospective bidders must register online by January 10, after which a pre-screening process will be conducted, and qualified companies will be granted access to a secure virtual data room.
“Prequalification will be based on technical and financial capacity, followed by document evaluation, negotiations and regulatory approvals,” he said.
Amah expressed concerns about the government’s plan to sell off significant stakes in joint venture (JV) assets managed by NNPC, saying: “The government is wanting to reduce its stake in these assets, principally, they want to sell some huge percentages in these assets.
“In some places, sell up 35 percent, in some places sell up 30 percent, so that they will have some cash to spend in other areas. That is the excuse that they are giving.”
PENGASSAN has opposed the federal government’s proposed sale, citing concerns about the country’s long-term economic security.
The union argued that selling these assets would undermine national revenue and weaken the Naira.
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