Mkpoikana Udoma
Port Harcourt — The Managing Director and Chief Executive Officer of Renaissance Africa Energy Company Limited, Mr. Tony Attah, has declared that Nigeria’s oil and gas industry is now better positioned than it was in the last five years to harness its vast hydrocarbon resources, citing recent reforms and structural changes by the Federal Government.
Attah, who spoke during a panel discussion at the 50th anniversary celebration of the Nigerian Association of Petroleum Explorationists, NAPE, in Lagos, said the convergence of talent, policy, and institutional reform has created new opportunities for sustainable growth in the sector.
“Today, several things have lined up well for our industry. Over the last 50 years, we have built a critical mass of extremely talented Nigerians across all levels of the oil and gas industry. That is a great thing to have happened to us. How we now leverage that talent to move this country forward is in our hands,” he said.
Represented at the event by Renaissance’s Executive Vice President Finance, Mr. Olusegun Banwo, Attah commended reforms such as the Nigerian Oil and Gas Industry Content Development, NOGICD Act, the Petroleum Industry Act, PIA, and the transformation of the Nigerian National Petroleum Company Limited, NNPCL.
“We have the Nigerian Oil and Gas Industry Content Development (NOGIG) Act; the Petroleum Industry Act (PIA) and, probably, most importantly, the NNPC Limited, because the changes that have occurred in NNPC are things that many of us could never have dreamt of. But they are here. We have a board that is populated by extremely competent and experienced people. We have a management that comes from the international oil companies, they are highly experienced, and they are willing to partner. So, all of those are lined up,” Attah said.
According to him, the industry’s next challenge is to ensure that organisations demonstrate competence, credibility, and independence at both board and management levels.
“The challenge before the industry today is to make sure that the organisations playing in the industry can stand very critical scrutiny of their management and their boards. That we have shareholders that are there to ‘grow the pie’; that we have boards of directors that are competent and credible and independent, able to take independent decisions; and, above all, management that, as individuals, are going to lead by competence and character,” he added.
Attah maintained that these qualities would shape the next decades of Nigeria’s oil and gas industry, particularly in the area of financing.
“When people give money to an organisation, it is not really the asset that they are financing. It is the people that they are giving the money to. Before a financial institution will lend out money, it is going to take a very critical look at the management and the board of the organisation. Let us ensure that our organisations can stand that scrutiny.”
The Renaissance CEO also called on industry stakeholders to emulate his company’s vision and boldness, citing Renaissance’s March 2025 acquisition of all the shares of Shell Petroleum Development Company, SPDC, as a major turning point.
“Ours is Renaissance for people, for country and for Africa to unleash a new beginning that enables energy security and industrialization in a sustainable manner,” Attah declared, pledging that the company would set new benchmarks for the Nigerian and African energy industry.
Meanwhile, the NAPE President, Mr. Johnbosco Uche, explained that Renaissance was honoured with the Strategic Investment in Nigeria’s Energy Future Award in recognition of its transformative capital projects and investments.
He said the company’s bold moves have “significantly shaped the national energy landscape.”
The event also saw Renaissance Chairman, Dr. Layi Fatona, honoured with the Industry Icon Award, as NAPE marked five decades of pioneering exploration, policy influence, and capacity building in Nigeria’s energy sector.
This article was originally posted at sweetcrudereports.com
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