PRESS RELEASE.
Fact-Checking Claims on Alleged Sale of Federation’s Oil & Gas JV Equity and Amendment of the Petroleum Industry Act (PIA)
By The National Patriots.
Research by: Fraser Consulting Consortium (International Consultants)
Executive Summary
Rumours are circulating on social media that the Federal Government is secretly selling off Nigeria’s shares in key oil and gas Joint Ventures (JVs), and that the Petroleum Industry Act (PIA) is being amended to hand resources to private cronies.
After careful fact-checking and review of official sources, we confirm:
No credible evidence exists that the government has sold or approved the sale of 25–35% of Federation equity in the RAEC (ex-SPDC) JV, the Oando/NAOC JV, or the Seplat (SEPNU) JV.
The named companies and percentages in viral reports appear to come only from blogs and activist statements, not official disclosures.
What really happened: recent transactions involve oil majors (Shell, ExxonMobil, Eni) selling their own private stakes to new buyers (Renaissance, Seplat, Oando). In all cases, the Federation’s 55–60% equity remains intact.
No amendment to the PIA has been published. What exists is a 2025 Executive Order by President Tinubu giving cost-saving incentives to upstream investors. This is administrative, not legislative.
Fact vs Claim
Claim Fact
FG is selling 25% of its 55% stake in RAEC JV to Sterling Global Oil Shell sold its 30% to Renaissance. FG still holds 55%. No sale notice for FG’s stake.
FG is selling 25% of its 60% in Oando JV to Oando Oando bought Eni’s 20% to raise its stake to 40%. FG still holds 60%. No equity reduction.
FG is selling 35% of its 60% in SEPNU JV to Chagoury Group FG has not sold. ExxonMobil sold its MPNU to Seplat. FG still holds 60%.
FG is amending sections 8, 9, 53, 63, 64, 85 of the PIA No bill or gazette exists. What happened is an Executive Order in 2025 on cost-efficiency.
Why the Rumours Spread
Multiple IOC exits between 2023–2025 created headline confusion.
Some activists/blogs misrepresented IOC sales as FG equity disposals.
Lack of quick, clear communication from government allowed speculation to grow.
Why It Matters
Oil JVs are Nigeria’s crown jewels—they bring in over 80% of our foreign exchange and fund government budgets.
Any reduction in state equity would require regulatory approval, formal public notices, and investor disclosures. None exist.
False claims risk damaging investor confidence and stirring needless public unrest.
Recommendations
To Government
1. Clarify publicly which divestments are IOC exits versus any future government equity sales.
2. Publish a clear protocol for FG equity sales: valuation method, pre-announcement, competitive bidding.
3. Create a public “JV Equity Dashboard” on NNPC/MOFI websites.
4. Communicate clearly: distinguish Executive Orders from formal legislative amendments to the PIA.
To the Public & Media
Verify facts with official regulators (NUPRC, NNPC Ltd, MOFI).
Understand that Shell→Renaissance, Exxon→Seplat, and Eni→Oando were company divestments, not FG asset sales.
Conclusion
The allegations of secret sales of Nigeria’s oil JV shares are false. They confuse private oil company divestments with government actions. The PIA has not been amended; only an Executive Order was signed to cut costs and improve efficiency.
President Bola Ahmed Tinubu, as Minister of Petroleum Resources, has the constitutional authority to reform the sector, but any reduction of state equity would require due process and transparency.
> “Nigeria’s oil and gas assets belong to all Nigerians. To circulate unsigned, misleading claims about their sale is not only unpatriotic but dangerous. Politicians and activists must not play politics with sensitive national assets. Our investigation shows clearly: no Federation equity has been sold. Government must continue to act transparently, but citizens must also resist propaganda designed to destabilize the nation.”
Princess G. Fraser. MFR.
The National Patriots.
Headlinenews.news Special Investigative Desk.
