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Acquisition Approval Delays: The Wrong Look for Nigeria (By NJ Ayuk)

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NJ Ayuk

There is a crying need for a new level of efficiency, timeliness, and openness in the approval process to give a fair shake to domestic energy players

CAPE TOWN, South Africa, July 30, 2024/APO Group/ — 

By NJ Ayuk, Executive Chairman, African Energy Chamber (https://EnergyChamber.org).

The Nigerian government needs to step up its game regarding approvals for indigenous companies acquiring in-country foreign energy assets.

The negative consequences of approval delays, ranging from many months to two-plus years, include forfeited revenue from lost royalties and taxes, production shortfalls, investor discouragement, and safety issues that arise while maintenance is put on hold.

The government approval process has stymied several of these potential deals over the past couple of years. These puzzling delays raise questions about why they are happening, as well as how serious officials are about increasing energy production to help Nigeria’s economy and its people.

There is a crying need for a new level of efficiency, timeliness, and openness in the approval process to give a fair shake to domestic energy players. Without it, the country’s economy and its citizens have the most to lose. The government can and must do better than this to keep its oil industry competitive, profitable, and safe.

Chappal Energies: Unlocking Latent Resources

In July 2024 TotalEnergies EP Nigeria sold to Chappal Energies its 10% interest in the SPDC JV licenses in Nigeria for 860 million USD. These assets produce a lot of beautiful low carbon from gas from OML 23, OML 28 and OML 77.

In late 2023, Norway’s state-owned Equinor agreed to sell its Nigerian business, Nigeria Energy Company (ENEC), to Nigerian homegrown firm, Chappal Energies. The sale includes the unitized 20.21% interest Chevron operates in the country’s deepwater Agbami oil field, which has produced over 1 billion barrels of oil for Equinor since 1992.

Equinor has said it expects Chappal Energies will continue development of its long-held assets in Nigeria, to the betterment of the country’s economy. Chappal is optimistic, too, with its managing director, Ufoma Immanuel, expecting positive effects on both the environment and the community.

Chappal has just the sort of attitude and drive Nigeria needs in its indigenous petroleum businesses, having stated that it is intent on “unlocking latent value in Nigeria’s and Africa’s oil and gas resources.”

The sale can only close after specified conditions and all regulatory and contractual approvals are finished. These are still pending.

Oando: Doubling its State Partnership Stake

In the early fall of 2023, in line with the Eni 2023-2026 Plan, Italian supermajor Eni agreed to sell Nigerian Agip Oil Company Ltd (NAOC) to Oando, a Nigerian stock exchange-listed provider of energy solutions.

Eni’s plan includes an effort to divest itself of resources that offer value and opportunity to other owners.

NAOC concentrates on producing onshore Nigerian oil and gas and on generating power. Its Nigerian holdings include interests in four onshore blocks, two power plants, and two onshore exploration leases. Besides these assets in the Niger River Delta, the deal includes an interest in the Brass River oil terminal.

Overall, the agreement means that Oando can double its interest in NAOC JV, the partnership it has with the state, to 40%, and increase its reserves to over 1 billion barrels of oil equivalent (boe).

Oando’s CEO, Wale Tinubu, sees the purchase as being “in alignment” with his company’s strategy of “acquiring, enhancing, appraising, and efficiently developing reserves.”

Closing the sale depends on authorization of all the relevant local and regulatory authorities — a process that is still ongoing nearly a year after the agreement was reached. There has been some talk of a approvals set to happen soon.

Renaissance: Making a Large Onshore Investment

In January 2024, Shell agreed to sell Shell Petroleum Development Co. of Nigeria Limited (SPDC), its Nigerian onshore subsidiary, to Renaissance, an association made up of five Nigerian exploration and production companies (ND Western Limited, Aradel Holdings Plc, FIRST Exploration and Petroleum Development Company Limited, and The Waltersmith Group) plus an international energy group (Petrolin Limited). The firms agreed to a sales price of USD 1.3 billion.

The government can and must do better than this to keep its oil industry competitive, profitable, and safe

All of SPDC’s operating capabilities and staff are to be maintained in the transaction, including technical expertise, management systems, and processes.

Describing Renaissance as “an experienced, ambitious Nigerian-led consortium,” Shell says the sale is part of its plan to concentrate its own Nigerian investment in deepwater and integrated gas.

With the bulk of Nigeria’s liquefied natural gas (LNG) feed gas coming from SPDC, it is important that Shell has agreed to play a supportive role after the sale so that all goes smoothly.

The sale cannot close until approvals from Nigeria’s federal government and other conditions are met.

Seplat: Securing a Long-Awaited Approval

There is, fortunately, one slow-moving approval story that has recently been resolved. On June 14, 2024, Arise News reported that NNPC has withdrawn its court case objecting to the ExxonMobil/Seplat deal, clearing a path for ExxonMobil to sell its entire interest in Mobil Producing Nigeria Unlimited to Seplat Energy.

Nigerian President Bola Tinubu had met with Liam Mallon, head of ExxonMobil, and members of the Ministers of Petroleum two months earlier, asking that officials remove barriers to approval.

The USD 1.28 billion deal was first greenlighted over two years ago by the parties, but politics and legalities hindered the sale from closing. The deal will turn over the U.S. company’s shallow-water OMLs 67, 68, 70, and 104 to Seplat and allow it to benefit from stakes in the Bonny River and Qua Iboe terminals and natural gas liquids recovery plants.

All of ExxonMobil’s offshore shallow-water operations are included in the agreement — the effect of which is to create a major independent Nigerian energy company. The upshot is that the sale is a very significant opportunity for the country to increase its daily crude production by 700,000 or more barrels.

The approvals process became gridlocked just months after the agreement was made when the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) cited an “overriding national interest,” and state-owned NNPC sued ExxonMobil.

Earlier this year, NUPRC tried to hasten regulatory approval for the sale, when NUPRC’s chief executive, Gbenga Komolafe, revisited a list of conditions that must be met for divestment.

Komolafe invited the parties involved to a May meeting and stated that, hinging on the results of the meeting, approval might be given within two weeks.

A signed settlement agreement resulted, with Komolafe, emphasizing the issues of decommissioning, host community development, and environmental remediation.

The terms of the agreement include increasing NNPC’s interest in the four OMLs from 60% to 70%, decreasing Seplat’s interest from 40% to 30%, while Seplat will gain a 10% interest in UTM Offshore’s floating LNG project.

Komalfe stated his unwillingness that Nigeria carry financial burdens resulting from divesting entities continuing to operate assets in the country.

Other issues that have been raised are:  

  • While waiting on approvals, divestors naturally don’t want to further invest further in these assets.
  • Production can decline while approvals are stalled.

Tinubu has asked ExxonMobil for suggestions on improving Nigeria’s oil and gas investment environment.

Step Up Approvals, for Nigeria’s Sake

President Tinubu’s efforts to bring together various parties around the ideas of stability, transparency, and an even playing field hold much promise for the role of Nigerian oil companies in increasing domestic production.

Delays in approvals for these companies’ acquisitions cripple the ability of these Nigerian companies to benefit their country. And that, after all, should be a goal that government regulators and homegrown petroleum firms share.

Distributed by APO Group on behalf of African Energy Chamber.

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Sierra Leone’s PDSL to Host Strategic Investor Roundtable at Paris Energy Forum

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March 24, 2026

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The Petroleum Directorate of Sierra Leone will lead a targeted roundtable at Invest in African Energy 2026, spotlighting upstream potential and cross-regional partnerships

PARIS, France, March 24, 2026/APO Group/ –The Petroleum Directorate of Sierra Leone (PDSL) is set to convene an investor roundtable at Invest in African Energy (IAE) Forum 2026 in Paris, underscoring growing interest in West and North African energy markets and the need for deeper capital engagement across exploration, renewable and offshore services. The session reflects a strategic effort by Sierra Leone to connect its emerging upstream prospects with established operators and project developers as the country moves to unlock the full potential of its emerging oil and gas industry.

 

Sierra Leone is increasingly positioning itself as a frontier oil and gas market with significant offshore potential, and part of the PDSL’s mandate is to catalyze investment interest in its offshore acreage through direct engagement with global capital. Recent data suggest the country holds estimated recoverable resources in the tens of billions of barrels, backed by discoveries and extensive multi‑client seismic datasets that prospective investors are evaluating. The PDSL is actively promoting licensing opportunities and drilling plans, emphasizing fiscal terms and exploration readiness to attract strategic partners.

 

A cornerstone of this strategy is the anticipated launch of the country’s sixth licensing round. Offering a rare early-entry opportunity into a largely untapped deepwater terrain with considerable upside, the upcoming bid round is backed by fresh 3D datasets which de-risk exploration and support new drilling campaigns. Just this month, GeoPartners announced that the final Pre-Stack Time Migration data for its recently acquired 3D multi-client seismic survey in the country was complete and is now available for licensing. The dataset provides a 3D window into the hydrocarbon potential of the underexplored northern Sierra Leone region.

 

Sierra Leone’s licensing drive comes as major operators advance exploration activities. In 2025, Eni signed a Reconnaissance Permit Agreement with the PDSL, securing rights to conduct reconnaissance and technical evaluation activities across offshore blocks G113, G129, G130, G131 and G132. The acreage covers 6,790 square kilometers within Sierra Leone’s territorial waters. Nigeria’s F.A. Oil Limited is pursuing drilling following its award of six offshore blocks through the country’s fifth licensing round in 2023. The company is currently seeking a farm-in partner to advance the project from exploration to production, offering a 40% stake in each of the G Blocks 53, 54, 55, 71, 72 and 73.

 

As these development unfold, the upcoming roundtable at IAE 2026 offers a unique opportunity for operators and policymakers to engage potential investors. The IAE 2026 Forum has become a strategic bridge between African upstream opportunities and global investors, with sessions like the PDSL roundtable designed to foster deeper dialogue and provide clarity on project pipelines and investment prerequisites. Discussions are expected to cover mechanisms for de‑risking exploration activity, optimizing fiscal and contractual frameworks and identifying synergies between hydrocarbon investment and renewable energy commitments.

 

For investors seeking differentiated exposure to African energy markets, the Sierra Leone roundtable represents both a focused exploration of frontier oil potential and a broader conversation about regional infrastructure, partnerships and the evolving demands of energy capital in the years ahead.

 

IAE 2026 (www.Invest-Africa-Energy.com) is an exclusive forum designed to connect African energy markets with global investors, serving as a key platform for deal-making in the lead-up to African Energy Week. Scheduled for April 22–23, 2026, in Paris, the event will provide delegates with two days of in-depth engagement with industry experts, project developers, investors and policymakers. For more information, visit www.Invest-Africa-Energy.com. To sponsor or register as a delegate, please contact sales@energycapitalpower.com

 

Distributed by APO Group on behalf of Energy Capital & Power.

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Cape Town Prepares for African Mining Week 2026 as Draft Program Reveals Continent’s Mineral Drive

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March 24, 2026

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African Mining Week returns for its 2026 edition with an expanded three-day program, bringing together African mining leaders and global partners to shape the future of the continent’s mining sector

CAPE TOWN, South Africa, March 24, 2026/APO Group/ –Global economic trends – from record-breaking commodity prices to intensifying geopolitical competition for resources – are reshaping the strategic importance of Africa’s mineral wealth. As global countries race to secure supply chains for energy transition metals – which are expected to triple by 2030 – Africa is positioning its 30% share of the world’s critical minerals as a key pillar of economic growth. African governments are modernizing mining codes, developing industrial corridors and investing in mineral processing facilities to support local beneficiation, job creation, workforce development and regional mineral markets.

 

Against this backdrop, the upcoming African Mining Week (AMW) Conference & Exhibition – Africa’s premier gathering for mining stakeholders – has launched the draft program for its 2026 edition {https://apo-opa.co/3NneKLj}. Scheduled to take place October 14–16 in Cape Town, the event provides a platform where policymakers, global investors, project operators, technology providers, academia and mining service companies examine Africa’s mining opportunities, challenges and long-term strategic direction.

Under the theme ‘Mining the Future: Unearthing Africa’s Full Mineral Value’, the three-day, multi-track agenda reflects the growing urgency among African markets to strengthen value addition across the mining value chain.

Regional Cooperation and Policy Alignment in Focus

A key feature of the agenda is the Ministerial Forum, where African mining ministers will provide updates on regulatory reforms and policy alignment initiatives aimed at unlocking greater value from the continent’s mineral resources. Discussions will examine how harmonized regulatory frameworks and regional cooperation can accelerate investment flows and strengthen Africa’s position in global mineral supply chains.

The inclusion of regional policy integration reflects a growing continental push to leverage frameworks such as the African Continental Free Trade Area (AfCFTA) to enhance cross-border mineral cooperation and trade.

We are acting to enhance regional integration through frameworks such as the African Mining Vision and the Africa Mineral Strategy Group

“Africa’s integration is not only a political objective but a strategic economic vision,” stated Emmanuel Armah-Kofi Buah, Ghana’s Minister of Lands and Natural Resources, in remarks reported by Energy Capital & Power – organizers of AMW – in February 2026. “Our natural resources require coordinated policies. Isolated legal frameworks cannot fully unlock their value. Through integration and initiatives such as the ECOWAS [Economic Community of West African States] Mining Code and the African Mining Vision, we can build a stronger and more competitive mineral economy.”

Nigeria’s Minister of Solid Minerals Development, Henry Alake, echoed this emphasis on regional cooperation and beneficiation.

“We are acting to enhance regional integration through frameworks such as the African Mining Vision and the Africa Mineral Strategy Group,” he stated. “We must develop mineral corridors that connect resources, infrastructure and markets across the continent. Our goal is not to simply export raw materials, but to develop industrial hubs that create jobs and value across borders.”

Connecting Global Investors with African Opportunities

Strategic roundtables and Country Focus sessions form a key part of the AMW 2026 program, connecting African mining jurisdictions with international partners from the U.S, Europe, the Middle East and China. These sessions will provide African stakeholders with a platform to showcase exploration opportunities and project pipelines across the mining value chain.

Meanwhile, technical workshops and the exhibition floor at AMW 2026 will provide a platform for equipment manufacturers, technology providers and engineering firms to showcase innovations designed to enhance operational performance across mining operations.

By combining high-level policy dialogue with technical expertise and investment matchmaking, AMW 2026 positions itself as a critical marketplace where Africa’s mineral potential converges with global capital, technology and strategic partnerships – helping shape the next phase of growth for the continent’s mining sector.

AMW serves as a premier platform for exploring the full spectrum of mining opportunities across Africa. The event is held alongside the African Energy Week: Invest in African Energies 2026 conference from October 12-16 in Cape Town. Sponsors, exhibitors and delegates can learn more by contacting sales@energycapitalpower.com.

Distributed by APO Group on behalf of Energy Capital & Power.

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Tony Elumelu Foundation Selects Seven North African Entrepreneurs in 2026 Cohort

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March 24, 2026

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Seven North African entrepreneurs in technology, education, professional services and agriculture selected from 265,000 applications at historic Abuja ceremony

Hope is not just a feeling — it is a system we can build

ABUJA, Nigeria, March 24, 2026/APO Group/ —
  • 7 North African entrepreneurs selected from Morocco, Tunisia and Egypt
  • 51% of the 2026 cohort are women, all selected purely on merit, without any quota in place
  • 3,200 total entrepreneurs selected from 265,000+ applications across 54 African countries
  • USD 5,000 in non-refundable seed capital for each selected entrepreneur
  • Selection conducted independently by Ernst & Young

 

The Tony Elumelu Foundation (TEF) (www.TonyElumeluFoundation.org), the leading philanthropy empowering young African entrepreneurs, announced on Sunday, 22 March 2026 the 12th cohort of the TEF Entrepreneurship Programme at a ceremony held at the Transcorp Hilton, Abuja. The announcement was made by Founder Tony O. Elumelu, C.F.R.

 

Among the 3,200 entrepreneurs selected from 265,000 applications received from all 54 African countries: seven from North Africa. Three from Tunisia, two from Morocco, two from Egypt. Spanning technology, education, professional services and agribusiness, they represent a generation of North African founders building businesses that address the urgent needs of their communities. Their selection, which was conducted independently by Ernst & Young, places them among the most rigorously assessed young entrepreneurs on the continent.

 

This year’s cohort carries a historic signal: 51 percent of the 2026 entrepreneurs are women. They were selected purely on merit, without quota. Across hundreds of thousands of applications, women distinguished themselves through the strength of their ideas, the clarity of their business models and the ambition of their vision.

 

In 2026, the Foundation is empowering a total of 3,200 entrepreneurs across all its entrepreneurship programmes:

 

  • 1,751 entrepreneurs through Heirs Holdings Group: Heirs Energies, Transcorp Power, Transcorp Hotels, and United Capital;
  • 1,049 entrepreneurs in partnership with the European Commission, OACPS, BMZ and GIZ;
  • 100 entrepreneurs in partnership with Sèmè City Development Agency;
  • 100 entrepreneurs in partnership with DEG, the German Development Agency;
  • 100 entrepreneurs in partnership with the IKEA Foundation, UNICEF’s Generation Unlimited and the Dutch Government; and
  • 100 entrepreneurs in partnership with UNDP and the Rwandan Ministry of Youth and Arts.

 

 

Each selected Tony Elumelu Entrepreneur will receive USD 5,000 in non-refundable seed capital, access to world-class business management training on TEFConnect, one-on-one mentorship, and entry into a powerful network of investors, partners and fellow entrepreneurs.

 

In his annual letter (https://apo-opa.co/4uOFepM), “A Story of Hope,” Tony O. Elumelu, C.F.R., Founder of the Tony Elumelu Foundation, shared a powerful message to the new cohort:

 

“For a long time, I believed luck was something that simply happened to you. Then I came to understand: luck can be engineered. Opportunity can be democratised. Hope is not just a feeling — it is a system we can build.” — Tony O. Elumelu, C.F.R., Founder, Tony Elumelu Foundation — 2026 Annual Letter

 

The Tony Elumelu Foundation has empowered over 2.5 million young Africans with access to business management training on TEFConnect (https://TEFConnect.com), and disbursed over USD 100 million in seed capital to more than 24,000 selected entrepreneurs.

 

Collectively, these entrepreneurs have generated USD 4.2 billion in revenue and created more than 1.5 million direct and indirect jobs. Through its support for African entrepreneurs, TEF has lifted 2.1 million Africans above the poverty line and positively impacted more than 4 million African households, with 46% of supported entrepreneurs being African women. Eighty percent of TEF-supported businesses survive and scale, against a global average of ten to twenty percent.

 

 

The announcement ceremony was broadcast live in English (https://apo-opa.co/3PWLiML), French (https://apo-opa.co/3PWLiML), Portuguese (https://apo-opa.co/4t4Y7Da) and Arabic (https://apo-opa.co/4bYHlQl).

 

Distributed by APO Group on behalf of The Tony Elumelu Foundation.

 

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