Opposition is mounting against plans to sell off a significant portion of Nigeria’s oil equity, with critics warning that the move would further erode the nation’s control over its most vital resource. According to reports, the proposal involves transferring 25 percent of Fazil equity to India’s Sterling Global Oil and another 25 percent of the Oando Joint Venture’s 60 percent equity to Oando Oil, a company linked to President Bola Tinubu’s nephew, Wale Tinubu. Critics argue that such sales would leave the Nigerian Federation with little meaningful control over assets that are central to the country’s economy and long-term development.
Civil society groups, policy analysts, and industry stakeholders have expressed concern that the deal could be skewed in favor of private and foreign interests while sidelining the Nigerian people, who rely heavily on oil revenues for public services, infrastructure, and social welfare.
Opponents of the plan insist that selling off national oil stakes at a time of economic uncertainty is not only short-sighted but potentially damaging for future generations, as it diminishes Nigeria’s bargaining power in global energy markets. The controversy also raises questions of transparency and accountability, with fears that politically connected figures stand to benefit at the expense of national interest.
Observers warn that if the plan goes ahead, it could fuel public distrust in the government’s handling of natural resources and intensify debates about corruption, cronyism, and economic sovereignty. For a country already grappling with high unemployment, currency instability, and widespread poverty, the prospect of ceding greater control of oil equity has struck a nerve, making the issue one of the most contentious policy debates in recent months.