Renaissance Africa Energy Company Limited (RAEC) has formally informed the Federal Government of its recent acquisition and operational takeover of Shell Petroleum Development Company’s (SPDC) onshore assets in Nigeria.
A delegation from RAEC led by Dr. Layi Fatona, Chairman of RAEC, alongside Engr. Tony Attah, the company’s Managing Director and Chief Executive Officer stated this on Tuesday during a courtesy visit to the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, at his office in Abuja, as part of ongoing engagement with strategic indigenous players in Nigeria’s energy sector.
In a statement, Mohammed Manga, Director, Information and Public Relations said during the meeting, the RAEC leadership shared key updates, highlighting that since assuming control of the assets, the company has ramped up production to over 200,000 barrels per day—a major milestone for both RAEC and the broader Nigerian oil and gas industry.
Dr. Fatona and Engr. Attah reaffirmed RAEC’s full alignment with the Federal Government’s economic priorities, particularly in revenue generation, job creation, and upstream expansion. It also reiterated their long-term commitment to community engagement and responsible energy development.
In his remarks, Minister Edun warmly welcomed the delegation and applauded the operational strides made by RAEC.
He noted that the increasing participation of Nigerian-owned companies in key sectors reflects a broader shift toward homegrown solutions and inclusive economic growth.
The Minister reiterated President Bola Tinubu’s commitment to fostering a level playing field for all private sector actors and stressed the importance of sustained collaboration between government and industry to deliver long-term value to the nation.
Manga noted that the meeting concluded with a shared understanding of the vital role indigenous firms like RAEC will play in Nigeria’s energy transition and macroeconomic advancement.
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