In a move that signals stronger synergy between government and indigenous energy players, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, on Tuesday received a high-powered delegation from Renaissance Africa Energy Company Limited (RAEC) at his Abuja office. The visit forms part of ongoing strategic engagements aimed at deepening local participation and investment in Nigeria’s oil and gas sector.
The RAEC team was led by the company’s Chairman, Dr. Layi Fatona, accompanied by the Managing Director and Chief Executive Officer, Engr. Tony Attah. The duo used the courtesy call to formally notify the Minister of RAEC’s successful acquisition and operational takeover of Shell Petroleum Development Company’s (SPDC) onshore assets across Nigeria—a landmark development in the country’s upstream oil industry.
According to RAEC executives, since assuming operational control of the assets, the company has significantly scaled up production capacity, currently producing over 200,000 barrels of crude oil per day. This performance, they noted, marks a major achievement not just for RAEC, but for the broader Nigerian energy landscape, particularly in light of the country’s quest for increased domestic oil production and foreign exchange earnings.
Dr. Fatona reaffirmed the company’s unwavering commitment to the Federal Government’s economic agenda, with particular focus on boosting national revenues, creating employment, and driving upstream growth through responsible energy development. He further assured that RAEC would maintain constructive engagement with host communities and stakeholders, in alignment with global environmental, social, and governance (ESG) standards.
Engr. Attah, for his part, emphasized that RAEC’s corporate philosophy is deeply rooted in sustainable development and long-term national value. He described the Shell asset acquisition as both a business and patriotic milestone, adding that the firm is determined to set new benchmarks for performance, transparency, and community inclusion within Nigeria’s oil and gas ecosystem.
Responding, Minister Edun commended RAEC for its rapid progress and noted that the growing participation of Nigerian-owned firms in the oil and gas value chain is a welcome indicator of the country’s shift toward self-reliance and inclusive economic transformation. He stressed that indigenous energy players have a central role to play in the Tinubu administration’s vision for a restructured and resilient economy.
The Minister reiterated the Federal Government’s resolve to provide a level playing field for all investors—local and foreign—while reinforcing the importance of public-private partnerships in delivering sustainable economic growth. He praised RAEC for stepping up to fill critical gaps left by international oil companies, particularly at a time when Nigeria is repositioning to harness its full hydrocarbon potential in a competitive global market.
The engagement ended on a note of mutual commitment, with both parties acknowledging the pivotal role that homegrown energy companies like RAEC must play in Nigeria’s evolving energy narrative and the broader push for national prosperity through sectoral reforms and strategic investment.
