A prominent public affairs analyst, Okey Ikechukwu, has called for the immediate suspension and possible termination of all processes related to the proposed sale of a 40 per cent stake in the Amukpe–Escravos Pipeline, warning that proceeding under the current terms would amount to a “giveaway” of a strategic national asset.
Ikechukwu, a professor and Executive Director of the Development Specs Academy, made the remarks during an interview on Tuesday on Arise News, where he questioned the pricing, procedure, and transparency surrounding the transaction.
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According to him, Nigeria is not in such financial distress as to justify disposing of a critical infrastructure asset at what he described as a “giveaway price.”
“If that is allowed to happen, it means there is no governance,” he said. “It means that people can exercise arbitrary discretion. It means that processes can be routinely violated.”
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His intervention comes amid mounting controversy over the valuation of the pipeline asset. Independent assessments conducted in 2025 reportedly valued the 40 per cent stake at between $544 million and $641 million, more than double the $243 million offer associated with a transaction that collapsed in October 2024.
Ikechukwu argued that any attempt to revive or proceed with the sale on the basis of disputed or outdated valuation benchmarks would undermine due process and public confidence.
“We are not under any desperate need to sell it at a giveaway price, and that’s what appears to be happening here,” he said. “If that is allowed to happen, then it means there is no governance.”
Describing the pipeline as a “performing national asset,” the analyst noted that the facility reportedly maintains operational uptime levels of as high as 95 per cent.
“If you must sell a performing national asset, it must be sold at the right value,” he stated.
To illustrate his concerns, Ikechukwu compared the situation to a failed private land transaction later revived at an outdated price, arguing that such a practice would be unacceptable in any credible commercial environment.
He further warned that proceeding without an updated valuation process could damage investor confidence and weaken perceptions of regulatory integrity.
“But beyond all of that, where will investor confidence be?” he asked. “If you are a lender, how do you feel in this kind of environment? It might even be interpreted as sabotage.”
Beyond the question of pricing, Ikechukwu said the larger issue at stake was institutional credibility and adherence to due process.
“If that is allowed to happen, it means there is no governance,” he reiterated. “It means that people can exercise arbitrary discretion. It means that processes can be routinely violated.”
The development expert consequently called for an immediate halt to all ongoing steps connected to the proposed transaction.
“All processes leading up to the presumed attempt to sell it now should be stopped,” he said. “Quite frankly, terminated. 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.”
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