Kogiflame
A civil society coalition, the Alliance for Energy Stability and Economic Growth (AESEG), has called on Nigerians to rally behind President Bola Tinubu’s re-election bid in 2027, saying his administration has restored investor confidence in Nigeria’s oil and gas sector.
In a statement issued on Monday by its president, Dr. Suleiman Garba Danladi, the group said the recent approval granted to Shell Nigeria Exploration and Production Company (SNEPco) and Nigerian Agip Exploration Limited (NAE) to acquire TotalEnergies’ 12.5 per cent stake in Oil Mining Lease (OML) 118 was proof of the trust international oil companies (IOCs) now repose in Nigeria’s regulatory environment under Tinubu’s leadership.
According to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Shell acquired 10 per cent of the asset for $408 million, while Agip took 2.5 per cent for $102 million. The Commission added that the approval, granted under Section 95 of the Petroleum Industry Act (PIA) 2021, followed a rigorous due diligence process that ensured both companies demonstrated technical competence, funding capacity, and managerial experience to sustain deepwater operations in the Bonga field.
Dr. Danladi said such transactions were not only reshaping Nigeria’s energy landscape but also strengthening the country’s economic base.
“President Tinubu’s reforms in the oil and gas industry have shown clear results. Today, we see Shell consolidating its stake in Nigeria’s deepwater, we see Agip reaffirming its commitments, and we see a regulator that is firm in protecting government interests. This is the kind of progress that only continuity in leadership can sustain,” he said.
The group recalled that only last week, the NUPRC revoked an $860 million deal involving TotalEnergies and Mauritius-based Chappal Energies for failure to meet financial obligations.
According to AESEG, this underscores the regulator’s strengthened resolve to enforce accountability, a move the group credited to Tinubu’s “decisive political will to reposition the sector.”
“With these bold steps, Nigeria is no longer seen as a playground for speculative investors. Instead, serious players with track records of performance are being encouraged. This has positive implications for revenue, jobs, and energy security,” the statement added.
Dr. Danladi also pointed out that the Bonga oilfield, Nigeria’s first deepwater project, remains a strategic contributor to the country’s crude output and foreign exchange earnings.
“By ensuring the continuity of such assets in the hands of experienced operators, Nigeria is laying the foundation for production stability and gradual recovery to the 2 million barrels per day mark,” he said.
The group further argued that Nigeria’s oil and gas industry is entering a period of “delicate balance” as IOCs divest from onshore operations while strengthening deepwater investments.
“Only a steady hand at the helm of government, backed by political stability, can guarantee that Nigeria reaps the full benefits of this transition. We therefore urge Nigerians to support President Tinubu’s re-election in 2027,” the statement said.
AESEG concluded by warning that reversing course in leadership could shake investor confidence.
“The oil majors are watching Nigeria closely. They are reassured by the current pace of reforms, but they also value predictability. Changing direction in 2027 could disrupt the gains we are seeing today,” Dr. Danladi added.
