Bayo Ogunlesi Targets ENI's 5% Stake in Renaissance JV

Bayo Ogunlesi, a Nigerian-American billionaire, is pursuing a 5% stake in the Renaissance Joint Venture (JV) from ENI, with the stake valued between $400 million and $500 million. This acquisition is significant as it represents Ogunlesi's first attempt to partner with Hakeem Belo-Osagie, following a previous effort to acquire a 10% stake in TotalEnergies, which did not materialize.

The Renaissance JV, formerly linked to Shell's old SPDC structure, controls 18 oil and gas licenses in the Niger Delta. Current partners in the JV include NNPC with a 55% stake, Renaissance Africa Energy Company with 30%, and TotalEnergies holding 10%.

ENI has already exited its 5% stake. Ogunlesi's move is seen as a step towards increasing local ownership in Nigeria's oil sector, which is crucial for improving foreign exchange earnings and government revenue.

ENI has reduced its exposure in Nigeria, completing the sale of Nigerian Agip Oil Company to Oando for $783 million earlier this year.