NUPRC: Report on Commission’s Approval of Shell-Renaissance $1.3bn Deal Baseless

Emmanuel Addeh in Abuja

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) Wednesday said that a news report indicating that it had given the nod to the divestment deal between Shell and the Renaissance Consortium was baseless.

In a statement signed by the Head, Public Affairs and Corporate Communication of the NUPRC, Mrs Olaide Shonola, the upstream regulator urged stakeholders and the general public to ignore the report by the newspaper.

According to the report titled: “Re-Boon for Nigeria as Shell’s $1.3bn Assets Sale Gets Regulatory Nod”, the NUPRC had endorsed the deal and is now awaiting the final ministerial consent by President Bola Tinubu, who doubles as the Minister of Petroleum.

“The attention of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has been drawn to a publication in the Businessday of September 11, 2024, purporting that the commission has accepted Shell International Plc’s bid to sell its onshore assets to Renaissance in a transaction worth $1.3 billion.

“It must be firmly stated that the information contained in the publication did not emanate from the commission. As part of the commission’s commitment to transparency and accountability, it will communicate its position on the transaction to the public at the appropriate time.

“Industry stakeholders and the general public are advised to disregard the publication as it is baseless,” the statement added.