Economy
Renaissance Daily Crude Production Rises After Shell Assets’ Acquisition
By Adedapo Adesanya
Renaissance Africa Energy Company Limited says it has ramped up crude oil production to over 200,000 barrels per day, following its recent acquisition of Shell Petroleum Development Company’s (SPDC) onshore assets in Nigeria.
Recall that in the first month, it announced a 40 per cent increment.
The update came during a high-level courtesy visit by executives of the firm to the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, in Abuja.
The Renaissance delegation was led by its Chairman, Mr Layi Fatona, and the Managing Director, Mr Tony Attah.
Speaking, Mr Fatona expressed delight that local companies were leading the country’s energy sector.
He said, “This is a proud moment for Nigerian enterprise. Our successful transition and scale-up of production show that indigenous companies can lead the energy conversation in this country and deliver results that matter to the economy.”
On his part, Mr Attah, a former boss of the Nigeria LNG (NLNG), emphasized that company’s operations were fully aligned with the government’s goals for job creation, foreign exchange generation, and community-inclusive development.
“We are not just producing oil; we are building a sustainable model for indigenous ownership, responsible energy stewardship, and economic contribution. RAEC is here to stay, to grow, and to partner with government for a shared vision of prosperity.”
The acquisition of Shell’s onshore assets by Renaissance marks one of the most significant transitions in Nigeria’s upstream sector, signaling a shift toward increased local ownership and control of critical energy infrastructure.
Welcoming the delegation, Mr Wale Edun lauded Rennaissance’s rapid operational progress and reaffirmed the Federal Government’s support for indigenous firms driving national development.
“The fact that a Nigerian-owned company now operates at this scale is a testament to the policy direction of President Bola Tinubu’s administration, one that prioritizes private sector leadership, local capacity, and inclusive growth,” Mr Edun said.
He described the energy firm’s performance as “encouraging” and called for stronger collaboration between government and operators to optimize the sector’s contribution to fiscal revenues and energy security.
“Government is determined to create a level playing field that rewards innovation, transparency, and results. We see companies like RAEC as key to our broader economic reform agenda,” Mr Edun added.
Both sides also discussed the role of local energy companies in Nigeria’s just energy transition, with shared acknowledgment that indigenous operators must take a lead role in balancing hydrocarbon development with climate-smart investments.
Renaissance said it was committed to continued engagement and alignment on strategic reforms that will ensure Nigeria’s oil and gas sector delivers lasting impact, both in terms of economic resilience and energy independence.
Economy
46 Stocks Gain Weight, 53 Equities Lose on NGX in One Week
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited was bullish last week despite investors’ mood swing, triggered by happenings in the country and across the globe, especially the Middle East crisis.
The All-Share Index (ASI) and the market capitalisation appreciated week-on-week by 3.94 per cent to 225,722.49 points and N145.335 trillion, respectively.
Similarly, all other indices finished higher with the exception of the growth and commodity indices, which depreciated by 0.02 per cent and 0.41 per cent, respectively, while the sovereign bond index closed flat.
A look at the price changes of shares in the five-day trading week showed that
46 stocks gained weight versus 61 stocks of the previous week, 53 equities shed weight compared with 36 equities a week earlier, and 47 shares closed flat, in contrast to 49 shares of the preceding week.
UAC Nigeria led the gainers’ chart after it chalked up 42.00 per cent to trade at N142.00, Union Dicon appreciated by 32.73 per cent to N21.90, NASCON expanded by 32.63 per cent to N206.90, Trans-Nationwide Express rose by 30.58 per cent to N7.90, and Zichis improved by 25.71 per cent to N15.60.
On the flip side, Infinity Trust Mortgage Bank led the losers’ group after it gave up 50.79 per cent to close at N9.35, Abbey Mortgage Bank declined by 33.33 per cent to N5.40, Guinea Insurance slipped by 15.20 per cent to N1.06, Stanbic IBTC lost 13.82 per cent to settle at N162.50, and Living Trust Mortgage Bank slumped by 10.98 per cent to N3.65.
As for the activity log, Customs Street recorded a turnover of 3.805 billion shares worth N213.955 billion in 297,202 deals in the week compared with 3.588 billion shares valued at N195.313 billion transacted in 254,553 deals in the previous week.
Financial stocks led the activity chart with 2.739 billion units sold for N106.269 billion in 135,101 deals, contributing 71.99 per cent and 49.67 per cent to the total trading volume and value, respectively.
Services equities traded 212.324 million units worth N4.024 billion in 17,042 deals, and consumer goods shares exchanged 180.076 million units valued at N13.269 billion in 32,457 deals.
Access Holdings, UBA, and First Holdco were the busiest with 814.060 million units traded for N39.032 billion in 37,195 deals, contributing 21.40 per cent and 18.24 per cent to the total equity turnover volume and value, respectively.
Economy
NGX Group’s 65th Annual General Meeting Holds April 29
By Aduragbemi Omiyale
The 65th Annual General Meeting (AGM) of the Nigerian Exchange (NGX) Group Plc has been fixed for Wednesday, April 29, 2026, at 11:00 am at its corporate head office on 2–4 Customs Street, Lagos.
Business Post gathered that the meeting would be streamed live on the company’s website and social media platforms to enable broader participation by shareholders and stakeholders unable to attend physically.
As part of a special business, shareholders will consider a proposed bonus issue of one new ordinary share for every three existing shares held as at the close of business on April 10, 2026, subject to regulatory approvals.
The proposal also includes an increase in the organisation’s share capital from N1,102,309,954 to N1,469,746,605, to accommodate the bonus shares and amendments to the Memorandum of Association to reflect the new capital structure.
Also at the gathering, shareholders will consider and, if deemed fit, approve the company’s audited financial statements for the year ended December 31, 2025, alongside the reports of the directors, auditors, board evaluation consultants, and audit committee.
The meeting will also deliberate on the declaration of a final dividend and the re-election of three non-executive directors retiring by rotation, who are Mr Umaru Kwairanga, Mrs Ojinika Olaghere, and Dr Okechukwu Itanyi.
Other ordinary business items on the agenda include authorising the board to fix the remuneration of the external auditors, determining the remuneration of managers, and electing members of the statutory audit committee.
Economy
BNB Price Reflects Changing Dynamics in the Digital Asset Market
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism10 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn
