An energy policy expert, Izielen Agbon, has alleged that the Federal Government is planning to sell a controlling stake in the Nigerian National Petroleum Company Limited (NNPCL) to private investors after the 2027 general elections.
Agbon made the allegation during a webinar organised by the Alliance on Surviving COVID-19 and Beyond (ASCAB), chaired by human rights lawyer Femi Falana (SAN), on the theme, “Working-Class Solutions to PMS Price Increases and Fuel Subsidy Removal.”
According to him, discussions about selling NNPCL shares date back to 2023, with the alleged plan involving a reduction of government ownership to about 35 per cent.
“The Tinubu government is planning to sell the shares of NNPCL immediately after the election,” Agbon said.
He alleged that the proposed transaction would see private investors acquire the majority of the company’s shares, leaving the Federal Government with a minority interest.
“They are going to sell it so that the government will only own 35 per cent of the shares of NNPCL,” he said.
Agbon said the proposed structure was similar to the ownership model of Nigeria LNG Limited (NLNG), where the Nigerian government holds a minority stake alongside international oil companies.
Tinubu had announced NNPCL listing.
The allegation comes amid the Federal Government’s publicly stated plans to reform and eventually list NNPCL on the capital market.
President Bola Tinubu said in August 2026 that NNPCL would be reformed and listed on the Nigerian Exchange. The Nigerian Exchange Group also confirmed that the President had expressed commitment to listing the company as part of efforts to deepen Nigeria’s capital market and attract long-term investment.
However, the public announcement of a possible listing does not, by itself, establish Agbon’s allegation that the government intends to reduce its ownership to 35 per cent after the 2027 election.
NNPCL became a limited liability company under the Petroleum Industry Act (PIA) in 2022. Its 2024 financial statements describe the company as having taken over the assets and liabilities of the former NNPC and the Nigerian government’s interests in joint-venture assets.
Agbon warns against private control
Agbon argued that transferring majority ownership of NNPCL to private investors would amount to privatising an institution responsible for managing major national petroleum interests.
“Immediately, we sell the shares of NNPCL to our cronies,” he alleged. “And when you get the shares of NNPCL in private hands, what they have done is to just privatise the resources of the nation.”
He argued that the implications would extend beyond ownership of shares because of NNPCL’s role in Nigeria’s petroleum industry.
“If you control NNPCL and the law says NNPCL is the one in charge of all our government resources, then you actually have access to our government resources,” Agbon said.
He further warned that such a development could eventually result in the privatisation of assets associated with the company, including oil-producing interests and refineries.
The PIA, however, established NNPCL as a commercial entity operating under company law, with the government retaining its ownership interest. NNPCL’s own corporate documents describe the company as responsible for petroleum exploration, production, refining, transportation and product marketing.
Falana backs call for scrutiny
Falana, who chaired the webinar, said the alleged plan should become an issue for public debate ahead of the 2027 elections.
“The information you have just given us about the plan, about the secret plan to sell the shares of NNPC; they have been toying with it, but I think we also must make it part of the campaign,” Falana said.
He also challenged the comparison with NLNG, noting that Nigeria holds a 49 per cent stake in the company while international oil companies hold the remaining 51 per cent.
Falana raised concerns over the management and remittance of dividends generated from Nigeria’s interest in NLNG, alleging that billions of dollars had not been fully remitted into the Federation Account.
He cited figures of about $49 billion in NLNG dividends, claiming that approximately $22 billion had gone to the Federal Government.
NEITI has historically published data on NLNG-related revenues and government receipts, including detailed records of dividends. Its broader mandate is to promote transparency and accountability in Nigeria’s extractive sector.
2027 election issue
Agbon called on Nigerians and political actors to make the future ownership of NNPCL part of the 2027 election debate, alongside issues such as petrol prices and workers’ wages.
“There is a need for us to stop and use this opportunity, not only to fight to sell lower petrol prices, but to fight them to increase minimum wage, and to fight them to say you cannot sell the shares of NNPCL,” he said.
He maintained that Nigeria’s petroleum assets should remain under public ownership, arguing that elected governments have a limited mandate and should not dispose of major national assets without broad public scrutiny.
“That is the inheritance of the citizens of Nigeria as a nation. It’s not for sale,” Agbon said. “People are just elected to be leaders for four years, at maximum eight years. You cannot sell the whole house because you’ve been elected to serve the people for eight years.”
The allegation comes as the Tinubu administration continues its broader restructuring of NNPCL and the petroleum sector. In 2026, the Presidency also announced measures aimed at repositioning NNPCL as a fully commercial operator while safeguarding the Federation’s interests.
Note: Agbon’s claim that the government plans to sell a majority stake to private investors after the 2027 election remains an allegation.
The publicly documented position is that Tinubu supports reforming and listing NNPCL on the capital market; the specific 35 per cent government ownership figure and alleged post-2027 timetable were not established by the official sources reviewed.
