NUPRC Denies Claims Of Shell’s $1.3bn Asset Sale To Renaissance Approval

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has debunked a media report claiming it approved Shell International Plc’s sale of its onshore assets to Renaissance for $1.3 billion.
The report, which was published on Wednesday, purported that NUPRC had given regulatory approval for the major transaction, but the Commission has now labelled the publication as “baseless.”

The regulator, in a statement, stressed that the information did not originate from the Commission.
“It must be firmly stated that the information contained in the publication did not emanate from the Commission,” the NUPRC said this according to a press statement signed by its head of Public Affairs and Corporate Communication, Olaide Shonola.

NUPRC has denied reports claiming its approval of Shell’s $1.3 billion asset sale to Renaissance, citing misinformation.

NUPRC further assured the public of its commitment to transparency and accountability in handling transactions of this scale. “As part of the Commission’s commitment to transparency and accountability, it will communicate its position on the transaction to the public at the appropriate time,” the statement continued.

The Commission also urged industry stakeholders and the general public to disregard the report, cautioning against the spread of false information saying, “Industry stakeholders and the general public are advised to disregard the publication as it is baseless.”