‘Only continuity can sustain IOC confidence in Nigeria’, Group Backs Tinubu’s 2027 Re-Election

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 helped restore investor confidence in Nigeria’s oil and gas sector. In a statement issued on Monday by its president, Dr. Suleiman Garba Danladi, the […]

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 helped restore investor confidence in Nigeria’s oil and gas sector.

In a statement issued on Monday by its president, Dr. Suleiman Garba Danladi, the group cited 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 as evidence of renewed confidence by international oil companies (IOCs) in Nigeria’s regulatory framework.

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 explained that the approval, granted under Section 95 of the Petroleum Industry Act (PIA) 2021, followed a due diligence process to confirm the companies’ technical competence, funding capacity, and managerial experience to sustain deepwater operations in the Bonga field.

Dr. Danladi said such transactions were reshaping Nigeria’s energy landscape and 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 noted that the NUPRC had recently revoked a transaction involving TotalEnergies and Chappal Energies, which it said reflected the regulator’s commitment to enforcing accountability in line with existing laws.

“With these steps, Nigeria is encouraging credible investors with proven track records. This has positive implications for revenue, jobs, and energy security,” the statement added.

Danladi also highlighted the importance of the Bonga oilfield, Nigeria’s first deepwater project, describing it as a strategic contributor to 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.

AESEG further noted that Nigeria’s oil and gas industry is in a period of transition as IOCs shift from onshore to 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.

The group concluded that consistency in leadership would help sustain investor confidence in the sector.

“The oil majors are watching Nigeria closely. They are reassured by the current pace of reforms, but they also value predictability,” Danladi added.