• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Sunday, July 27, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

Federal Gov’t, Renaissance Pledge Collaboration To Drive Growth In Post-Shell Era

… As Lokpobiri urges more Nigerian firms to acquire onshore assets

by Nse Anthony - Uko
3 months ago
in Business
Federal Gov't
Share on WhatsAppShare on FacebookShare on XTelegram

The federal government and Renaissance Africa Energy Holdings have pledged close collaboration to drive growth and investment in the country’s oil and gas sector following Renaissance’s landmark $2.4 billion acquisition of Shell Petroleum Development Company of Nigeria (SPDC) onshore assets.

Advertisement

The deal, finalised after securing all regulatory approvals, marks the end of Shell’s nearly century-long onshore operations in Nigeria and signals a new era led by a consortium of Nigerian independents and international partners. SPDC will now operate as Renaissance Africa Energy Company Limited.

Minister of Petroleum Resources (Oil), Heineken Lokpobiri described the transaction as a “significant milestone” that reflects the government’s commitment to enabling business and attracting investment.

Speaking when a team from Renaissance Africa Energy, led by the chief executive officer, Dr. Tony Attah, paid him a courtesy visit in Abuja, Lokpobiri emphasised that the government’s role is to create a conducive environment for indigenous companies like Renaissance to thrive, assuring continued support for increased production and value retention in Nigeria.

Lokpobiri yesterday charged more Nigerian firms to acquire the onshore assets of the International Oil Companies (IOCs), adding that more divestments mean more investment and wealth for the country.

RELATED

ASIS 4.0: Stakeholders Pledge Collaboration To Unlock Africa’s Potential

ASIS 4.0: Stakeholders Pledge Collaboration To Unlock Africa’s Potential

3 hours ago
Caverton Marine Shares Innovative Options For Safety At Interferry Conference

Caverton Champions Sustainable Marine Mobility With Award-winning Research

3 hours ago

“Our conviction is that this country will grow better under Renaissance and the other companies that acquired Shell and Mobil.

“And I have also said more companies should try and acquire onshore and shallow water assets,” said the minister

He said gone are the days the revenue from the production of oil from the SPDC was repatriated to Hague.

According to him, Renaissance being a Nigerian firm will retain its dividends in the country.

Lokpobiri said his expectation is for the firm to produce its roadmap.

He said, “ Our expectation is you will have a clear roadmap on the way you want to go and where you want to be.”

The minister tasked the visiting firm on producing a timeline plan for increased production.

“Once we produce more barrels they will amount to more wealth, “ he said.

He urged Attah to justify the confidence the government reposed on the company at the time of acquisition.

He said although investments in the industry were stalled for 12 years, they have started pouring in owing to the reforms of the President Bola Ahmed Tinubu administration.

He said “But because the government came with all the reforms, we are no longer where we were.”

Lokpobiri, who said his office is always open to operators who have issues, noted that “Our responsibility is to address all the issues raised by IOCs and OPTS.

“By the end of this administration, all the perennial issues will be settled once and for all.”

The minister who described Nigeria as the leading African country with the highest human resources in the oil and gas industry, revealed the willingness to share the experiences with the fledgling African oil producing countries.

He said the other countries are inviting Nigerians to explore their oil resources but he has advised them to wait till Nigeria finishes exploring it.

Speaking earlier, Attah pledged that Renaissance will help the country move from energy poverty to attain its energy security as no country can industrialize without energy security.

He added that “Today, with your help we can as Nigeria resolve to turn things around and enable industrialization most importantly help engender that energy security that will help boost our economy as a country and as a people.”

He pledged the company’s resolve to do better than SPDC .

He vowed to improve on all the positive things Shell was known for, stressing it is not an easy feat to acquire the assets which a company as Shell operated for over 60 years.

According to Attah, the company looks beyond Nigeria to becoming the leading African energy firm.


We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →

Join Our WhatsApp Channel




Tags: Renaissance Africa Energy Holdings
SendShareTweetShare
Previous Post

Steel Sector Gets Major Boost As Minister Commissions 2 Plants In Lagos

Next Post

ECOWAS, Sterling Bank To Support Small Businesses With $50m

Nse Anthony - Uko

Nse Anthony - Uko

You May Like

ASIS 4.0: Stakeholders Pledge Collaboration To Unlock Africa’s Potential
Business

ASIS 4.0: Stakeholders Pledge Collaboration To Unlock Africa’s Potential

2025/07/27
Caverton Marine Shares Innovative Options For Safety At Interferry Conference
Business

Caverton Champions Sustainable Marine Mobility With Award-winning Research

2025/07/27
CORBON Inducts 420 Registered Builders, Announces Competition
Business

CORBON To Register, Train Additional Cadres Of Building Artisans

2025/07/27
Nigerians In Diaspora Invest $90bn In Economy – Commission
Business

FirstBank, NiDCOM’s New Platform Targets Safer Homeownership For Nigerians Overseas

2025/07/27
Nigeria Targets 2.7m MT Cereal Production Growth By By 2034
Agriculture

Nigeria Targets 2.7m MT Cereal Production Growth By By 2034

2025/07/27
BAT Nigeria Calls For Export Reforms To Boost Economic Growth
Business

BAT Nigeria Calls For Export Reforms To Boost Economic Growth

2025/07/27
Leadership Conference advertisement

LATEST

Nigeria Mourns, Daura In Sorrow, Dikko In Pensive Mood

“Wet the Grass”: Tinubu’s Warning and APC’s Big Grassroots Test

NGO Announces Launch Of Empower Her Ability To Support Women With Disabilities In Business

ASIS 4.0: Stakeholders Pledge Collaboration To Unlock Africa’s Potential

Caverton Champions Sustainable Marine Mobility With Award-winning Research

Dangiwa Assures Contractors Of Payments

CORBON To Register, Train Additional Cadres Of Building Artisans

FirstBank, NiDCOM’s New Platform Targets Safer Homeownership For Nigerians Overseas

Nigeria Targets 2.7m MT Cereal Production Growth By By 2034

BAT Nigeria Calls For Export Reforms To Boost Economic Growth

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.