Don’t sell national oil assets, Ajumogobia advises FG

A former Minister of State for Petroleum Resources, Mr. Odein Ajumogobia, has expressed opposition to the Federal Government’s proposed sale of its stakes in some oil and gas assets.

The government had in its Economic Recovery and Growth Plan disclosed that it would reduce its stakes in joint venture oil assets, refineries and other downstream subsidiaries such as pipelines and depots.

Ajumogobia, who was a guest speaker at the Petroleum Club Members’ Evening, noted that a debate had emerged as to whether the government should divest its interests in some oil assets.

He said, “The argument is, of course, that Nigeria is in recession, oil price diminished, huge obligations on the part of the government and no cash. And it has been suggested that Nigeria can raise up to $40bn by divesting from some of its assets