{"id":75610,"date":"2025-09-24T08:42:12","date_gmt":"2025-09-24T08:42:12","guid":{"rendered":"https:\/\/abujacityjournal.com\/livenews\/?p=75610"},"modified":"2025-09-24T08:42:12","modified_gmt":"2025-09-24T08:42:12","slug":"pengassan-kicks-against-moves-to-amend-pia-warns-fg-on-nnpcl-ownership","status":"publish","type":"post","link":"https:\/\/abujacityjournal.com\/livenews\/2025\/09\/24\/pengassan-kicks-against-moves-to-amend-pia-warns-fg-on-nnpcl-ownership\/","title":{"rendered":"PENGASSAN Kicks Against Moves to Amend PIA, Warns FG on NNPCL Ownership"},"content":{"rendered":"<p><strong>By Omoniyi David<\/strong><\/p>\n<p>&nbsp;<\/p>\n<p>The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), has warned against alleged plans to amend the Petroleum Industry Act (PIA), 2021, cautioning that such moves could weaken the Nigerian National Petroleum Company Limited (NNPCL), and undermine investor confidence.<\/p>\n<p>The union alleged that the Ministry of Finance is attempting to edge out the Ministry of Petroleum from joint ownership of NNPCL, describing the move as \u201can aberration and a backdoor attempt to hijack the company.\u201d<\/p>\n<p>PENGASSAN insisted that the proposed amendments would strip NNPCL of its national role, diminish its capacity, and eventually drive it into bankruptcy.<\/p>\n<p>\u201cAs a responsible association, we will fight this with everything in us because we strongly believe that these amendments they are proposing are totally wrong,\u201d the union declared.<\/p>\n<p>The association emphasized that NNPCL was created to manage national assets on behalf of the federation and warned that tampering with its structure would send damaging signals to investors.<\/p>\n<p>\u201cThe regulators are supposed to be the police of the industry, ensuring that everyone plays according to the rules. So, it is totally wrong, if there are no ulterior motives, to say you want to move NNPCL management to the regulator as a concession. It is not correct,\u201d PENGASSAN stated.<\/p>\n<p>The union accused government officials of undermining the PIA barely two years after its passage, saying such actions portray Nigeria as inconsistent and unreliable in the eyes of the global community.<\/p>\n<p>\u201cWhat they are doing today is sending negative signals to investors, telling the world that even though the PIA is law, it cannot be relied upon,\u201d the statement read.<\/p>\n<p>PENGASSAN therefore called on President Bola Ahmed Tinubu to intervene by cautioning the Minister of Finance, the NNPCL Board Chairman, and the Group Chief Executive Officer of the company.<\/p>\n<p>\u201cFor us, we are sending a strong warning that they should cease and desist. A stitch in time saves nine,\u201d the association warned.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Omoniyi David &nbsp; The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), has warned against alleged plans to amend the Petroleum Industry Act (PIA), 2021, cautioning that such moves could weaken the Nigerian National Petroleum Company Limited (NNPCL), and undermine investor confidence. The union alleged that the Ministry of Finance is attempting [&hellip;]<\/p>\n","protected":false},"author":33,"featured_media":75611,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1720,172],"tags":[],"class_list":["post-75610","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-energy","category-news"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/75610","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/users\/33"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=75610"}],"version-history":[{"count":1,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/75610\/revisions"}],"predecessor-version":[{"id":75612,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/75610\/revisions\/75612"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/75611"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=75610"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=75610"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=75610"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}