By Henry Obetta

Following plans by Eni to divest its five per cent stake in the Renaissance Joint Venture (JV), some Niger Delta youths and stakeholders have expressed concerns over the proposed sale.

The stake, estimated at between $400 million and $500 million, is said to have attracted interest from a mix of local and international investors.

Some youth groups suggested that the process could potentially favour certain investors, including interests linked to the Sandesara brothers, associated with Sterling Oil Exploration and Energy Production Company (SEEPCO).

They said the development has generated reactions among sections of host communities in the region.

The divestment process, being managed by Lazard, is described as requiring bidders to provide full bid value upfront, a condition some stakeholders believe may favour well-capitalised investors.

Reacting, the Niger Delta Transparency Forum called on relevant authorities to ensure transparency and broad stakeholder consideration in the process.

In a statement by its Secretary-General, Ebikade Moses, the group urged the Federal Government to review the transaction, citing concerns raised by some local contractors and community representatives regarding industry practices and local content expectations.

“We are calling on the Federal Government to look into this matter of urgent national importance. Stakeholders have expressed concerns and are seeking assurances that due process and local content considerations are upheld,” the statement read.

The Renaissance JV was previously held by the Nigerian National Petroleum Company, Shell, TotalEnergies and Eni, with Shell and TotalEnergies having exited their stakes in recent years.

Some stakeholders cautioned that unresolved concerns could heighten tensions in parts of the Niger Delta, reflecting longstanding sensitivities around oil operations and community relations in the region.

They also called for clarity on workforce and local participation issues, urging that any transition aligns with the Federal Government’s local content policy.