CHANNELSTV — broadcast 20260920 083000 UTC 504 transcript segments Google Speech-to-Text API Automatic Transcription (Chirp) Data courtesy of The GDELT Project (https://www.gdeltproject.org/), from the Internet Archive TV News Archive. Machine transcription. Treat it as a searchable index of what was broadcast, not a verbatim quotation record. [00:00:08] of [00:00:20] of [00:00:36] Hello and welcome, it's another edition of [00:00:39] of colydoscope of on [00:00:40] of channels television, I'm Ann Wawadu. On colydoscope [00:00:43] today we speak with the [00:00:45] of chairman of [00:00:45] of the board of Renaissance Africa Energy Company Limited, Dr. Lai [00:00:49] Fatono, as the company celebrates its first anniversary. [00:00:53] Plus, our chats with the managing director and CEO of [00:00:56] of Renaissance Africa Energy Company [00:00:58] of Limited, Mr. Tony atta revealed. the organization's [00:01:01] of activities. [00:01:06] in Once again, welcome to the program. Renaissance africa energy [00:01:10] company limited is one [00:01:11] of the leading integrated energy companies, but let's tell you more about this [00:01:15] organization. Renaissance africa energy company limited is a [00:01:19] dynamic and rapidly growing Nigerian energy leader strategically [00:01:22] positions to drive energy [00:01:24] of security and industrialization across Nigeria and [00:01:27] Africa. It has swiftly merged to a significant. player in the region's energy [00:01:31] landscape following its acquisition [00:01:33] of the shell petroleum development company of Nigeria Limited. This [00:01:37] landmark acquisition finalized in March [00:01:39] a 2025, saw Renaissance Africa energy holdings a consortium of [00:01:43] strong [00:01:43] of and experienced Nigerian independent [00:01:46] in oil and gas companies take full ownership of SPDC's onshore [00:01:49] assets, bringing together extensive operational experience within the Niger [00:01:53] delta and a shared vision for Nigeria's energy [00:01:56] sector. Let's now hear from the chairman [00:01:59] of the board. Renaissance Africa Energy Company Limited Dr. Lai [00:02:02] Fatono. [00:02:08] In 2025, you received confirmation that this [00:02:11] landmark acquisition has been finalized and of course [00:02:15] Renaissance Africa Energy Holdings now has [00:02:19] full ownership of share petroleum development [00:02:22] companies onshore assets, and this powerful [00:02:26] coalision, I must call it, became the operator of Nigeria's [00:02:30] largest oil and gas [00:02:31] of exploration and production joint venture, what has it been [00:02:35] like since you achieved this [00:02:39] of feet? um, first and [00:02:41] of foremost uh, [00:02:43] of this um very unusual [00:02:47] and extraordinary um decision by the [00:02:50] president [00:02:54] nubu to grant this [00:02:57] consent um has the trappings of [00:03:01] lot of uniqueness, first and foremost [00:03:06] of this was um such a privilege granted to nigerian a fully owned nigerian company um and [00:03:10] despite all the reservations [00:03:13] expressed [00:03:17] within the industry about who we are, what our competencies [00:03:21] are, um, that trust that [00:03:25] the Nigerian entity can can take on this very very [00:03:28] unusual um high end burden of [00:03:31] of stepping into the shoes of a real [00:03:34] major uh international [00:03:37] of company um was unprecedented and and [00:03:41] I [00:03:41] of think for that um not just to the entire [00:03:44] workforce of today's renaissance the [00:03:48] board the management um take it upon themselves [00:03:52] that there's a lot of responsibilities that has been [00:03:54] entrusted on on each and [00:03:57] of everyone of [00:03:58] of us individually and collectively. um on present [00:04:01] as that that was the the [00:04:04] indication and what have we achieved [00:04:08] speaks for itself. um, i [00:04:12] think the day we took over, but average [00:04:16] daily production was about 14000 bars a [00:04:19] day, today we are [00:04:21] of neiring 270 thousand, [00:04:24] um, we have - steadily the last couple [00:04:28] of [00:04:29] of months, uh we are producing more than two bcf of [00:04:32] gas daily uh and [00:04:35] indeed i was looking at the fact sheet [00:04:39] of of the regulator where they profess to the fact that [00:04:43] the two big gas plants in our possession [00:04:47] are working [00:04:48] of maximally to full capacity for the first [00:04:52] time in five years so quite frankly [00:04:56] i think think in in without [00:05:00] in some very understated manner, um, I'm very, very [00:05:04] satisfied with the pace of what we have [00:05:07] been able to achieve this last one year, [00:05:10] of being the chairman on this board, board, mean such a [00:05:14] company where shareholders are also competitors, how do [00:05:18] you balance collaboration and competition in your business? [00:05:22] uh, thank you. um, when you look in the context of our [00:05:25] constitution, all the companies that are inside [00:05:28] renence, on the face value of [00:05:32] it, we may look like competitors, but actually we are [00:05:35] collaborators, um, we [00:05:38] are in one form or the other, um, [00:05:42] helping to strengthen the uh the the collaboration that [00:05:46] exists in in togetherness [00:05:50] that that put all [00:05:51] of us together. um, but let's look at each and everyone of [00:05:54] us in our respective niches, whether it is [00:05:57] forstmp, whether it is Aradell, whether it's Walter Smith [00:06:01] or Andy Western, the collective [00:06:05] experiences that we bring if you look at around the [00:06:08] entire footprint the nager delta, [00:06:12] experiences of one complements the [00:06:16] other, so literally that competition that you [00:06:19] see bringing them together, it's is one of our [00:06:22] strength, it's the it's part of what makes us different from [00:06:26] any other, and and the competition in us is [00:06:30] really not, it's very healthy, but what it [00:06:34] does is that it brings collaboration because the diversity of [00:06:37] experiences. Renaissance has described itself as [00:06:41] made in Nigeria, but build for Africa, what does that mean [00:06:45] in practical terms and how does that [00:06:49] idea shape your long-term vision for Africa's energy [00:06:52] transition and its growth? um, first off, [00:06:56] let's take the the uh idiom that charity begins [00:06:59] from home. um, Renaissance [00:07:03] is a Nigerian company [00:07:06] uh, and and really that's what it is. [00:07:10] um, [00:07:12] what is our focus [00:07:14] ability to help Nigeria [00:07:18] achieve energy security, energy [00:07:21] independence and to use the [00:07:24] resources of this country [00:07:27] for industrialization, energy, [00:07:31] there's nothing that we do in this country today that energy really doesn't come [00:07:35] into the mix, but first and foremost using Nigerian [00:07:39] expertise, using Nigerian resources, using [00:07:42] Nigerian human capital and doing all the things that [00:07:46] we have said we [00:07:48] we we are doing and work and the more that we know we will [00:07:51] achieve stepping out beyond [00:07:55] Nigeria is a long term strategic objective [00:07:59] and this is what makes us a Nigerian [00:08:03] company that is made in Nigeria but um we are [00:08:07] indeed Africans are [00:08:09] ultimate um stepping out. [00:08:13] environment and how do you see the Nigerian government's [00:08:16] policies, decisions concerning energy transition and of course [00:08:20] energy availability for Nigerians to see what's going on [00:08:24] at this moment, we still rank high on the list of [00:08:27] nations with energy poverty, what can be done to [00:08:31] change this horrible, serious challenge? I [00:08:35] think I think the government is is um, it's very, [00:08:38] very resolutely committed. [00:08:43] to um uh dealing with the energy [00:08:46] transition, particularly [00:08:50] the um, the more important area of gas [00:08:53] utilization, um, here we are, with [00:08:57] very vast population of Nigerians each and [00:09:00] everyone of us, energy hungry, uh, we're [00:09:04] always, I mean, we would always require [00:09:07] energy, and when you think in terms the policies the government [00:09:11] today, uh, "this is the first time that you can see [00:09:14] very real strategic again [00:09:18] plan, not just for dealing with today's [00:09:20] problems, but moving forward into [00:09:23] tomorrow and the day after, um, if you [00:09:27] see all the presidential [00:09:30] mandates, directives, the the [00:09:34] collaboration that industries having with the regulators, the [00:09:38] engagements that we are having, you can see that it's a very, [00:09:42] very..." commitment and very, very um, what i call [00:09:45] obvious seriousness into dealing with [00:09:49] Nigeria's energy poverty. [00:09:52] um, it's not going to be a problem that is going to be solved [00:09:56] in one day, but I can assure you that the government policies [00:10:00] currently are in the right [00:10:03] direction, and and and given the the trust of companies [00:10:07] like like ours and others, um, we can [00:10:10] see better. tomorrow [00:10:14] for for for energy availability, [00:10:18] energy affordability for most nigerians [00:10:22] and so talking about the future now, talking about tomorrow, [00:10:25] when you look and maybe the next year, as you have celebrated one year [00:10:29] now, what do you see for renaissance [00:10:32] energy? uh, first and foremost, I believe that we have [00:10:36] to sustain our our current [00:10:39] strength, sustainability, making sure that not [00:10:43] only can we keep the trend [00:10:47] of progress that we have, we have seen in the next one [00:10:51] year, and in the first year, um, that's going to be... [00:10:56] lot of work for not just for ourselves, all [00:11:00] all our stakeholders, but i can i [00:11:03] can tell you that for what i look forward [00:11:07] to see in the next one year and even beyond that [00:11:11] sustaining the the the the [00:11:15] the growth that we have brought in in the last one year will be one [00:11:19] of our biggest challenge and it to be one [00:11:21] the [00:11:24] the thing that we have. to hold to doing everything that we are doing [00:11:27] safely um [00:11:31] uh a manner that allows us [00:11:34] to look after each and every one of our stakeholders, the host [00:11:38] communities, our staff and the entirety [00:11:42] of of society. every responsible business, mean for [00:11:46] everyone, it's expected that there is some form of corporate social [00:11:49] responsibility initiatives or projects or an impact you're [00:11:52] making into the society. so what have you done [00:11:56] in that regard as an organization? um, first and [00:12:00] foremost, the uh, the [00:12:03] PIA has come into effect, and the [00:12:07] very, very substantial part the PIA is the host [00:12:10] community development [00:12:13] initiative. um, [00:12:16] williarly, each and everyone of us [00:12:19] have very, very specific sense of responsibility to [00:12:23] participate in in... corporate [00:12:25] social um uh services [00:12:28] and today the fact that the host [00:12:32] community development trust for each and every [00:12:35] community that we we uh we we we [00:12:39] have activities had come to stay [00:12:42] indeed that itself has brought some elements of [00:12:46] stability because whether we like it or [00:12:49] not our host communities are now an [00:12:52] essential and very integral [00:12:55] part thes that we we we have to [00:12:59] deal with, and if you look at the [00:13:02] records uh the past one year, you can [00:13:06] actually see the beginning the impact, positive [00:13:09] impact that this uh this new law had [00:13:13] brought into the collaboration between operators on the one [00:13:17] side like us and - major [00:13:20] stakeholders which are the host communities um going [00:13:25] but my expectation is that we would even [00:13:28] have better relationship [00:13:32] that ensures harmony, that [00:13:35] ensures safe operations, [00:13:39] that ensures protection of assets [00:13:42] and better life for everybody. a [00:13:45] company as big as this, there must be something driving [00:13:49] it, so what is that force behind [00:13:53] renaissance for you? for [00:13:55] Renaissance, the human capital that [00:13:59] is, that was inherited has been one the [00:14:02] biggest strengths of of not just our [00:14:06] ability to progress with with [00:14:10] operations, but also for the future. um, I think in [00:14:14] this context, I must, I must [00:14:16] ackknowledge that we are blessed [00:14:20] with very, very balanced and very, very [00:14:23] diverse workforce. uh male and female [00:14:27] all very experienced and I think [00:14:31] without the the the human capital element that would never [00:14:35] have been an opportunity like this, every opportunity that [00:14:39] we have uh we need to express our very very [00:14:42] deep and profound appreciation for each and every the [00:14:46] staff, whether they are realful staff or contractor [00:14:50] staff or as far as we are concerned, [00:14:53] everybody... who works within the organization [00:14:57] are very, very substantial contributor to [00:15:01] our well being and therefore the well being of the [00:15:04] sector. [00:15:09] we're not done just yet, when colidoscope returns, we'll continue the [00:15:13] conversation. [00:15:22] welcome back, you're still watching colydoscope right here on channel. television, let's [00:15:25] continue the conversation now with a managing director and CEO of [00:15:29] Renaissance Africa Energy Company Limited, Tony [00:15:32] Atta. [00:15:37] So it's... one year since you received the confirmation that [00:15:40] Renaissance has completed the landmark achievement and now [00:15:44] has full ownership of SPDC's onshore [00:15:47] asset making renaissance of course pivotal to Nigeria's energy production [00:15:51] looking at the last one year how would you describe what it's been like for [00:15:55] you oh wow there's no [00:15:59] better time to ask that [00:16:00] question that today actually um the deal [00:16:04] closed on the 13th of March last year. [00:16:07] and just remembering what we went [00:16:11] through brings back lot of memories for me [00:16:13] personally. I can just imagine deal that took more than two and [00:16:17] a half years to close, and then about [00:16:21] midnight the 13th of March, you realized that [00:16:25] finally, it's happening, it's happened, the deal [00:16:29] happened, but then we needed to come back to Nigeria, [00:16:32] this deal was closed in London, we needed to come back to Nigeria, but I [00:16:36] could here. which is the headquarters the the [00:16:40] company to just launch with the colleagues and then [00:16:44] it did officially take over the company, but that [00:16:47] included some transit time, which actually made it possible to be [00:16:51] back here on the 17th, what a special timing, it's [00:16:55] exactly about year today when we came in [00:16:58] here, and what i remember most [00:17:02] was very symbolic event that took place exactly year ago, [00:17:06] about this time actually. so there's a shell flag that have [00:17:09] been flying in this compound for more than 60 [00:17:13] years, on this day, exactly year ago, we [00:17:17] saw that flag come down and the renaissance flag [00:17:20] went up, so when you say how do i [00:17:23] feel, there's no better way to describe the [00:17:27] feeling, it's a great feeling, and for me [00:17:30] personally the emergence of renaissance speaks [00:17:34] to lot, and i start with the name itself, connots [00:17:38] new beginning, well let's talk about the community now and the [00:17:42] impact you're making in it, I mean the people are hopeful, as [00:17:46] Renaissance started operations, they know that something has to [00:17:49] be in it for them as well, talking about your corporate [00:17:53] social responsibility, initiatives and the project you've been able to carry out in [00:17:57] the past one year, talk to us about that, first of all I'm a [00:18:01] community man myself, so the communities in the [00:18:05] safest of hands, but I must give them credit quite frankly, [00:18:09] because when we arrived, they really, really welcomed us. It's [00:18:13] been a long time coming for me, particularly, because I've been involved in the [00:18:17] social space the previous company which we now carried [00:18:21] through, but in the one year, it's been more [00:18:24] around, first of all complying with [00:18:27] the PIA, [00:18:28] the PIA has redefined the [00:18:31] social structure and the social contract between operators like [00:18:35] ourselves and the communities. through what is called the host community [00:18:39] development trusts and in our own business there are [00:18:43] about 33 them for which we have now set up [00:18:46] 31, the other [00:18:47] two even though not fully set up are fully funded because the [00:18:51] trusts also have a fund and we found that so [00:18:55] essentially the new philosophy is actually handing the communities [00:18:59] the will to determine their own lives so they take the [00:19:02] decisions, they define what they want, they go and [00:19:06] execute we them and support them with technical support. [00:19:10] there are four key pillars around [00:19:13] which we built our social investment program. [00:19:17] we're very, very big on education, we're [00:19:20] huge on health. of course, youth, youth [00:19:24] development and youth empowerment is critical. if you are going to make [00:19:28] any level of success in the delta, in fact in africa where the average [00:19:32] age is about 19-20, so you have that theme in youth [00:19:36] energy that you can tap from. but more importantly help to [00:19:39] develop, make available, and the fourth one of course is [00:19:43] around development, social development is crucial, but if I [00:19:47] speak to the health peace, so [00:19:50] sometime last year we actually donated what [00:19:54] is about $300 thousand [00:19:57] dollar as a company, a single company, but of course to the [00:20:00] JV structure, including NMPC, total and Aenr [00:20:04] our JB partners, so the national hospital in [00:20:08] Abuja as part of enabling the oncology [00:20:12] cancer uh treatment unit, but we also have [00:20:16] community health insurance schemes, there are two very active ones, one in [00:20:19] obio here and another one next door, today we have [00:20:23] more than 150 thousand people, [00:20:27] communities, people on the health insurance [00:20:31] scheme benefiting uh 100% in terms of [00:20:35] coverage, but then if you look at the education side, I think [00:20:39] I feel very, very proud of what we are doing in that [00:20:42] space. Today we have what is the credal to [00:20:45] career program, is one the biggest programs that I'm so proud [00:20:49] of. what it does is simply [00:20:53] working in partnership with stem [00:20:56] entities who just going to the deepest the creeks to [00:21:00] find talented, indigent [00:21:03] people, children, we bring those children [00:21:06] together and enable them to get one the [00:21:10] best quality educations that they perhaps would never have [00:21:14] dreamed of. today that program has seen more than [00:21:18] 800. will pass through it and it's [00:21:22] incredible to see the outcome, and I have on very positive [00:21:25] record that lot them were in the top top [00:21:29] 10 the the classes, we are now a point where about [00:21:33] 60 them are ready to go into university level, [00:21:37] but we also have postgraduate scholarships that we [00:21:40] award and that is in partnership with about three [00:21:43] universities in the United Kingdom, this is all about naja [00:21:47] delts, this is about building that capacity. as an [00:21:50] MD of Renaissance, how do you manage [00:21:52] competition? it depends on what you call [00:21:56] competition. well, the industry is very huge, you [00:21:59] must have competitors. what stands you [00:22:03] out? that competitive edge is something i probably [00:22:06] keep secret, you want me to share? but i think they [00:22:10] say your your your strategy is as big as [00:22:14] you make it, yeah, but is even bigger where it [00:22:18] cannot be easily to... applicable, the biggest [00:22:22] opportunity we have as renaissance is our people, so we [00:22:25] inherited very strong, technically [00:22:29] sound population from from shell, and that [00:22:33] group of people will represent our staff today, addition [00:22:36] to our support staff [00:22:39] are the competitive edge, we want to be the african leader in [00:22:43] energy, within the first 100 days [00:22:46] added 100 thous barrals of oil. [00:22:50] in the first 100 days, mean that nobody could ever have [00:22:54] dreamt of that, for the company we took over [00:22:57] 140,00 barrels of [00:22:59] a day, so within 100 days go to [00:23:02] 240 plus was an [00:23:06] unimaginable performance, talking about scaling up since we have [00:23:09] building to that, but the year 2030 you have a target, which means [00:23:13] scaling up production, what concrete action is renaissance going to take in [00:23:17] the move towards that goal and what should? mens investors [00:23:20] and communities expect as you do business in this [00:23:24] continent, to have the ambition to be a one million [00:23:28] barrels of oil equivalent a day company by [00:23:31] 2030 is audacious and that is what we're driving [00:23:35] to the extend that we sort of broken it down to say okay [00:23:39] let's have people understand it this is speaking to about [00:23:42] 50000 barrels of oil every [00:23:45] day 1 billion standard cubic feet of gas for the [00:23:49] domestic. and about two billion cubic feet of gas for [00:23:53] export, we supply NLNG, and I know one or two things [00:23:56] about NLNG given my previous life, but if you look at [00:24:00] that, the real value that we bring is really got to [00:24:04] sit within the domestic gas supply space [00:24:08] from an energy transition point of view, but even more around the [00:24:12] industrialization of Nigeria, the element within our vision, [00:24:16] so the only place where the average common man can feel the... [00:24:20] impact of this industry is actually [00:24:23] in the industrialization of Nigeria and I always believe that export gas [00:24:27] would not industrialized Nigeria, it's helping elsewhere, but [00:24:30] domestic gas is where the sweet spot sits, so the question [00:24:34] is around how do we make cleaner cleaner energy available to [00:24:38] Nigerians, how do we translate the 210 [00:24:42] children cubic feet of gas reserves to [00:24:45] LPG, to pipe gas to homes, [00:24:49] so you speak to... should government expect, government should expect [00:24:53] very disciplined delivery, very focused [00:24:56] review of possibilities, but we also have expectations of [00:25:00] government, and to be fair to this government, I think this government has done a [00:25:03] lot, if anything, the executive orders that were signed [00:25:07] by Mr. President, has gone a long way to [00:25:11] unleash this industry, something as basicats you can now [00:25:15] spend up of 10 million without recourse to some [00:25:19] the hordes that... had to deal with, but more importantly just [00:25:23] been industry friendly is very, very strong [00:25:26] start, and also we work in perfect harmony with the [00:25:30] minister of of state for oil and gas, [00:25:34] the SA energy and all the executive orders that are [00:25:38] coming out there with the regulators, nuPRc, [00:25:41] nmdpra, but more importantly with our senior [00:25:45] partner NMPC and the other JB members, so all encapsulated [00:25:49] this industry, is a better place than [00:25:52] ever. when we describe Renaissance, you've described it [00:25:56] as made in Nigeria but built for Africa. What does this mean [00:26:00] in practical terms and when we look at? "how the idea will [00:26:04] shape your long-term vision for Africa's energy transition [00:26:08] and industrial growth, what will he be? actually we [00:26:12] should even find tune that to say proudly made in [00:26:14] Nigeria, [00:26:16] you know, and built for Africa, but I tell you, and it speaks [00:26:19] to very foundational beginning for [00:26:23] us, to the extent that we are purely Nigerian [00:26:27] company, and this is where it gets [00:26:30] quite emotional for me, because..." in the course of this deal, we were asked many, [00:26:34] many questions, if you just imagine [00:26:38] that we took over from an IOC that has run this business for [00:26:42] over 60 years, even on the negotiating table, questions were [00:26:46] asked something as basic as can these Nigerians [00:26:49] doing, do you feel [00:26:52] confident to hand over to these Nigerians, [00:26:56] so but we then had to go back inwards to say, who [00:27:00] are we, and now this is a question. but ordinarily, if I [00:27:04] say who are we, the response that comes very loud, [00:27:07] reveberating, we are renaissance, so there's an element of [00:27:11] pride there, [00:27:12] you know, so knowing yourself was the starting point, and we said, [00:27:15] yes, we are made in [00:27:18] Nigeria, but to the extent that our vision is africa [00:27:22] centric, energy poverty has a direct correlation economic [00:27:26] poverty, so if you are looking for why Africa is economically [00:27:29] poor, look to energy poverty. and energy [00:27:33] security will be the answer, that's where we are, we [00:27:37] want to help reset that narrative, we want to lit the way, [00:27:41] i want to make difference. let's talk about the future, [00:27:45] now as renaissance continues to grow, how are you balancing the need [00:27:49] to ensure you scale up in oil and gas [00:27:52] production, we're talking about gas power and of course lower carbon [00:27:56] operation as you continue to do business, not forgetting also the impact [00:28:00] you are to make as you run business. on communities [00:28:03] around you in Nigeria and of course outside [00:28:06] Nigeria. I always start from Nigeria, [00:28:10] which is why we say we are made in Nigeria. Yeah, [00:28:14] charity begins at home. Gas is now recognized as that [00:28:18] ultimate solution. It's cleaner, it's more [00:28:21] available. In fact, if you look at the resource base of [00:28:25] Nigeria, the 210 TCF of gas and the 38 billion [00:28:28] barrals of oil, we are actually a gas nation. So... when [00:28:32] you look to the future, which mostly involves the energy transition, I would [00:28:36] say we're ready, we have what it takes to transition into [00:28:40] that that future of clean, sustainable [00:28:43] energy, and that is where Nigeria is so blessed, [00:28:47] but then the opportunity itself will not materialize unless you [00:28:51] develop this gas, and there in lies the opportunity for [00:28:55] us, you look to Qatar, Qatar builts its economy purely on [00:28:59] gas, Saudi builts its economy purely on [00:29:02] oil, the United Arab Emirates builts its economy on purely [00:29:06] oil, but Nigeria is blessed with both oil and gas, so just [00:29:10] begin to imagine the possibilities if these two come together in the [00:29:14] way we are viewing it. We believe that that future is [00:29:18] relaissance, but that future is not just renaissance in [00:29:22] isolation, that future is renaissance in positive [00:29:25] partnership with our communities, and [00:29:28] they will come along with us and together we are. [00:29:32] Renaissance [00:29:38] and that's where we end colidos cup for today, thank you very much for watching, I [00:29:41] am Ann Mawado, please watch Past editions the program, go to [00:29:45] youtube.com/channelsweb, just type colydoscope in the search [00:29:49] box and enjoy your time with it. I'll definitely see you again, I'm [00:29:53] Ann Wawadu, please stay [00:29:54] safe.