KEY POINTS
- Renaissance CEO says reforms and leadership changes make Nigeria better positioned to attract global oil financing.
- Attah highlights governance, board credibility, and management competence as critical for investor confidence.
- Renaissance, fresh from acquiring Shell’s Nigerian arm, pledges to drive energy security and industrialisation across Africa.
“As reforms and leadership changes start to reposition the industry for global financing, Nigeria’s oil and gas sector is entering a new phase of confidence,” said Tony Attah, Managing Director and CEO of Renaissance Africa Energy Company Limited.
Attah stated that the nation’s energy landscape is “better aligned than at any time in the last five years” to fully optimize its hydrocarbon wealth while speaking at the Nigerian Association of Petroleum Explorationists’ (NAPE) 50th anniversary celebration in Lagos.
Top industry leaders gathered to consider Nigeria’s oil exploration history of fifty years and its future role in Africa’s energy transition. The event honored Renaissance with the Strategic Investment in Nigeria’s Energy Future award and its Chairman, Dr. Layi Fatona, with the Industry Icon Award.
Olusegun Banwo, Executive Vice President for Finance at Renaissance, spoke on behalf of Attah, who attributed the momentum to important institutional and governmental reforms. He cited the Petroleum Industry Act, the Nigerian Oil and Gas Industry Content Development Act, and the Nigerian National Petroleum Company’s (NNPC) conversion to a limited liability company with a professionalised board and management team as key changes.
“Several things have lined up well for our industry,” Attah said. “Over the last 50 years, we have built a critical mass of extremely talented Nigerians across all levels of the oil and gas industry. How we now leverage that talent to move this country forward is in our hands.”
Scrutiny, Governance and Investor Confidence
Attah cautioned that governance as well as resources would be necessary to maintain progress. He stated that the industry’s current challenge is to ensure that the companies involved can withstand the intense scrutiny of their boards and management.
Investors now give corporate credibility just as much weight as asset potential, he emphasized. According to Attah, “when people donate money to an organization, it is not the asset they are financing — it is the people.” Before making a loan, financial institutions closely examine the boards and management. Our organizations must be able to withstand that kind of scrutiny.
The remarks were made months after Renaissance successfully acquired all of Shell Petroleum Development Company’s shares in March 2025, a historic deal that demonstrated the company’s intent to influence Nigeria’s upstream future.
According to Attah, the company’s goal extends beyond business expansion. He characterized the mission as one that aims to enable energy security and industrialization in a sustainable manner, saying, “Ours is a Renaissance for people, for the country, and for Africa.” He went on to say that Renaissance plans to establish new standards for governance, operational standards, and long-term effects in Nigeria’s oil and gas industry.
At a time when the industry is juggling local energy demands and global market volatility, Renaissance’s capital projects and investments have “significantly shaped the national energy landscape,” according to NAPE President Johnbosco Uche, who said the company deserved its award.
