NUPENG condemns move to whittle down NAPIMS’s powers

  • NUPENG Condemns Move to Whittle Down NAPIMS’s Powers

The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) has condemned the move to whittle down the regulatory powers of the Nigerian Petroleum Investment Management Services Limited (NAPIMS) in the new petroleum policy approved by the Federal Executive Council.

In a statement signed by its General Secretary, Comrade Joseph Ogbebor, the union noted that it would resist the move to strip NAPIMS of its responsibility of regulatory costing of projects and use of an independent consultant.

“We kick against it because of the past failures of government restructuring and privatisation processes of PHCN and others,” the union said.

NUPENG stated that it is a way of robbing Peter to pay Paul by pushing the costing of projects to an independent regulator, which would emerge from the restructuring of the Department of Petroleum Resources (DPR).

The union said the move was self-serving, selfish, unjustifiable, not workable, uncalled for and meant to serve the interest of the promoter; and will do the oil and gas industry no good.

The union, therefore, called for its stoppage or it may be forced to embark on an industrial action to reverse the trend. NUPENG believes that the process will not be transparent and can be teleguided.

It said NAPIMS, established to manage the Federal Government’s investments and interests in the upstream sector of the oil industry, had done well in its regulatory functions, with all the 10 divisions working; and it should therefore not be used as a blackmail to score cheap political points.

The union, therefore, called on the Federal Government to forget about the plan and not gazette it as it is meant to satisfy certain selfish interests and not for the sector to move forward.

“NUPENG will not fold its hands and see any form of restructuring in NAPIMS that will lead to job losses, as it must be resisted,” it stated.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York based Talk Markets and, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]; Tel: +2347065163489.

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