Renaissance Africa Energy Company Limited (RAEC) announced the completion of its acquisition of the onshore assets belonging to Shell Petroleum Development Company of Nigeria (SPDC), during a meeting with the Minister of Finance and Coordinating Minister of the Economy, Wale Edun. The visit formed part of an ongoing dialogue with strategic players in Nigeria’s energy sector.
Production reaches 200,000 barrels per day
RAEC’s Chairman, Dr Layi Fatona, and Chief Executive Officer, Engineer Tony Attah, stated that since assuming control of the assets, the company had increased daily output to more than 200,000 barrels. This milestone marks a key step for RAEC in expanding its footprint in Nigeria’s onshore oil segment.
According to a statement from Mohammed Manga, Director of Information and Public Relations, RAEC shared recent progress with the government and emphasised its aim to support economic growth through revenue generation, employment creation and upstream development.
Focus on local development
RAEC also reiterated its commitment to operating in line with the expectations of host communities. The company plans to strengthen investment in these areas while maintaining a strategy focused on sustainable management of its newly acquired assets.
Minister Wale Edun welcomed RAEC’s early achievements and said the rise of domestic actors in key sectors signalled a structural shift toward greater industrial sovereignty.
Public-private collaboration reinforced
The Minister also reiterated President Bola Tinubu’s commitment to ensuring a competitive environment for private operators. He stressed the need for sustained partnerships between the government and businesses to ensure optimal utilisation of national resources.
Mohammed Manga noted that the meeting ended with a shared understanding of the role companies like RAEC will play in upcoming energy asset transfers and their broader impact on the national economy.
