Pressure is mounting on authorities to halt the sale of a 40% stake in the Amukpe-Escravos Pipeline. Critics say the deal undervalues a critical national asset.
Okey Ikechukwu, a public affairs analyst and executive director of Development Specs Academy, made the call on Tuesday. He warned that proceeding risks selling strategic infrastructure at throwaway prices.
Speaking on Arise News, Ikechukwu questioned both the pricing and the process behind the transaction. Nigeria faces no financial crisis that would justify such a sale, he argued.
"If that is allowed to happen, it means there is no governance," Ikechukwu said. "It means processes can be routinely violated."
Independent assessments conducted in 2025 valued the stake between $544 million and $641 million. That's more than double an earlier $243 million offer that collapsed in October 2024.
Using outdated valuations could damage public trust, according to Ikechukwu. Investor confidence in Nigeria's regulatory framework could suffer as well.
"We are not under any desperate need to sell it at a giveaway price, and that's what appears to be happening here," he stated. He described the pipeline as a performing national asset with operational uptime reaching 95%.
Such infrastructure shouldn't be undervalued, he insisted. Any sale of a working asset must fetch fair market value.
Ikechukwu drew a comparison to failed property deals later revived at old prices. No credible commercial environment would tolerate such practices, he noted.
Suspending the valuation process creates wider problems beyond mere pricing concerns. It undermines institutional credibility and transparency in government.
"Where will investor confidence be?" Ikechukwu asked. "If you are a lender, how do you feel in this kind of environment?"
He suggested the situation might even be interpreted as deliberate sabotage. Lenders and investors watch how governments handle major asset sales.
Consequently, Ikechukwu demanded an immediate halt to all transaction-related processes. He called for complete termination until fresh independent valuations are completed.
"All processes leading up to the presumed attempt to sell it now should be stopped," he said. "Quite frankly, terminated."
A fresh evaluation must establish the pipeline's current true value, he stressed. Only then can Nigeria protect its financial interests.
"An independent evaluation should take place so that we know the current value of what is on the table and ensure that the country does not lose money in the process," Ikechukwu concluded.
