Bayo Ogunlesi bids for Eni stake in Nigeria’s Renaissance JV

Nigerian billionaire Bayo Ogunlesi is bidding to acquire Eni’s 5% stake in the Renaissance joint venture, according to a report by Africa Intelligence, in what would be the latest move by local and diaspora backed investors to expand their hold over assets once dominated by international oil majors.

The reported approach comes as the ownership map in Nigeria’s onshore oil sector is being redrawn at speed. Renaissance, a consortium that took over Shell’s former onshore subsidiary in Nigeria, now controls the 30% stake once held by Shell in the old SPDC joint venture, a deal widely seen as one of the most significant transfers of oil assets to indigenous led operators in recent years.

Eni’s position, held through Agip interests, is smaller at 5%, but it sits inside a venture that remains strategically important because of its production footprint, pipelines and gas potential in the Niger Delta. Industry reporting says Ogunlesi is among new contenders lining up for the stake.

The timing matters. TotalEnergies signed a separate agreement in January to sell its 10% participating interest in most of the same Renaissance JV licenses to Vaaris, underscoring how quickly the remaining foreign held slices are being contested. TotalEnergies said the 10% share in the oil producing licenses represented about 16,000 barrels of oil equivalent per day in 2025 company share.

Ogunlesi, a Nigerian born financier best known globally for infrastructure and private equity deals, has long been viewed in energy circles as a serious contender whenever high value assets come to market. His name has appeared in recent bidding discussions around Nigerian upstream divestments as investors position for a second wave of local consolidation.

Renaissance itself has signaled an aggressive growth posture since completing the Shell transaction. The consortium has outlined major spending plans over the next five years and has said it aims to raise crude production while expanding gas output after key pipeline upgrades.

No transaction involving Eni’s 5% stake has been announced publicly, and any deal would likely face regulatory scrutiny in Abuja, where officials have taken a tougher line on buyer financing and technical capacity in recent divestments. Recent transactions involving Shell and TotalEnergies showed that approvals can be delayed, revisited or reshaped before closing.

What is clear is that the contest for Nigeria’s legacy onshore assets is not slowing. The majors may be retreating, but the bidding war for what they leave behind is getting more crowded.