In a case reminiscent of the acquisition of Nigeria’s second oldest bank, Union Bank of Nigeria (UBN) by a lesser know bank, Titan Trust Bank, another uproar has emerged over the recent announcement by British energy company, Shell over the planned $2.4 billion sale of its onshore assets to Renaissance Africa Energy Company Limited (REAC).
Like the acquisition of UBN said to be facilitated through proxies, concerns are surfacing that a similar scenario might be playing out in the sale of SPDC to Renaissance if the concerns raised by the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) are to be taken seriously.
Earlier, Shell, a British energy major, announced that it had reached an agreement to sell its Nigerian onshore subsidiary – Shell Petroleum Development Company of Nigeria Limited, to Renaissance for $2.4bn after about a century of operations in the Niger Delta.
