On Friday, the South-South Zonal Organising Secretary of the All Progressives Congress (APC) contested the Nigerian Upstream Petroleum Regulatory Commission’s (NUPRC) decision to divest Shell Petroleum’s 75-year-old onshore assets.

In January, Shell announced an agreement to sell its Nigerian onshore subsidiary, Shell Petroleum Development Company of Nigeria Limited, to Renaissance for $2.4 billion. The Renaissance consortium includes five companies, four of which are Nigerian exploration and production firms.

APC’s Zonal Secretary, Blessing Agbomhere, criticized the sale, arguing that the NUPRC’s decision violated the Nigerian Oil and Gas Industry Content Development Act of 2010 and the Nigerian Constitution. Agbomhere emphasized the lack of Niger Delta indigenes on Renaissance’s board of directors, highlighting that the arrangement does not prioritize the region’s interests.

In an interview in Abuja, Agbomhere stated, “The deal fails to adhere to the combined provisions of Sections 1, 2, 3, 12, 14, 15, and 16 of the Nigerian Oil and Gas Industry Content Development Act and Section 42 of the Nigerian Constitution.”

Agbomhere warned that the divestment to Renaissance threatens peace in the Niger Delta, where unregulated exploration activities have caused significant environmental degradation. He stressed the need for assets to be managed by companies substantially owned by Niger Deltans, who are more likely to prioritize environmental remediation and ensure a stable, pollution-free environment.

“When resources are managed responsibly, they can create prosperity for current and future generations,” Agbomhere said. “Poor management leads to economic instability, social conflict, and lasting environmental damage. This has been Nigeria’s experience.”

Agbomhere called on key stakeholders, including the Attorney General of the Federation and Minister of Justice Lateef Fagbemi, the NUPRC, the Minister of Petroleum, and President Bola Tinubu, to reverse the divestment decision. He urged for a process that involves Niger Delta-owned companies, in compliance with the Nigeria Oil and Gas Industry Content Development Act.

“We request a reversal of the divestment process that brought in Renaissance,” Agbomhere pleaded. “We need a new process that involves companies owned by Niger Deltans to ensure the assets benefit the region and comply with the law.”