After greater than a yr of negotiations, false begins and intense competitors, a bunch of Nigerian billionaires have missed out on one of many nation’s most coveted oil and gasoline property in keeping with a information report by The Africa Oil and Gas report.
TotalEnergies EP Nigeria has signed a sale and buy settlement with VAARIS Assets JV Co. Ltd for its 10 % curiosity within the Renaissance Africa, NNPC, ENI, Whole three way partnership.
The transaction ends a protracted and intently watched divestment course of that at completely different factors appeared headed for a few of Africa’s strongest financiers. As a substitute, VAARIS, a quieter consortium of Nigerian operators and repair corporations, emerged as the ultimate purchaser.
The deal covers TotalEnergies’ pursuits in 18 oil mining leases situated throughout onshore and shallow water areas of the Niger Delta. The property produced about 16,000 barrels of oil equal per day web to TotalEnergies in 2025. The settlement additionally contains the switch of rights and obligations in three further licences which are largely gasoline producing and provide feedstock to Nigeria Liquefied Pure Gasoline. TotalEnergies, nevertheless, will retain full financial curiosity in these gasoline licences.
VAARIS is made up of three Nigerian marginal subject operators and three oilfield service firms. The sale and buy settlement was signed on behalf of the consortium by its chairman, Tein George.
What makes the end result notable is not only who gained, however who didn’t.
Early on, Mauritius-based Chappal Energies, an rising junior managed by Ufoma Immanuel, appeared to have the within observe, securing regulatory approval in 2024 for a deal put at roughly $860 million. The settlement didn’t shut, although, after the customer couldn’t fulfill funding and key regulatory necessities. Authorities finally withdrew the approval and reopened the method.
With Chappal out, South Atlantic Petroleum Ltd., the privately held Nigerian firm owned by retired Gen. Theophilus Danjuma, emerged as the subsequent main contender. By mid-2025, SAPETRO was extensively seen because the entrance runner to take over the stake, with trade insiders anticipating a swift conclusion.
That expectation modified when a high-profile investor group entered the race. Billionaire financier Bayo Ogunlesi, chief govt of World Infrastructure Companions and a board member of BlackRock, teamed up with Nigerian tycoon Hakeem Belo-Osagie of Metis Capital. The pair formally wrote to TotalEnergies, outlining their monetary capability to fund each the acquisition and future money calls tied to the three way partnership.
Ogunlesi and Belo-Osagie additionally leaned on a political play. The buyers met with President Bola Ahmed Tinubu in late September 2025, aiming to point out their plan had regulatory clearance and official assist. The trouble briefly lifted their prospects and strengthened expectations that they might safe the stake.
These expectations didn’t materialize. Regardless of their affect and entry to capital, the bid misplaced steam between October and December 2025, and the group failed to shut.
That opened the door for VAARIS, which had remained engaged after ending as reserve bidder in the course of the earlier Chappal-led course of. By mid-January 2026, TotalEnergies finalized the settlement with VAARIS, successfully ending the competition.
The Renaissance three way partnership is certainly one of Nigeria’s most vital onshore and shallow water operations. Possession at the moment stands at 55 % for the Nigerian Nationwide Petroleum Company, 30 % for Renaissance Africa Power Firm and 5 % for ENI.
Regulatory approvals are nonetheless required earlier than the transaction is accomplished. Even so, the end result underscores a shifting dynamic in Nigeria’s upstream sector, the place monetary muscle and elite entry don’t at all times assure success, and the place regionally structured consortia are more and more able to outlasting far greater names.
