Nigerian billionaire Bayo Ogunlesi has entered the competition to acquire a 5% stake in the Renaissance joint venture currently owned by Italian energy giant ENI. The sale has attracted several bidders, highlighting strong interest in Nigeria’s oil sector.

Renaissance Africa Energy Co., led by CEO Tony Attah, operates key oil assets in the country, and the potential acquisition offers investors a strategic foothold in Nigeria’s upstream market.

ENI’s move is part of a broader trend of divestments by international oil majors in Nigeria, following similar sales by TotalEnergies and Shell. The transactions signal growing opportunities for local investors and domestic companies to take over strategic stakes in the nation’s oil industry.

The bidding race for ENI’s shares is expected to be closely watched, as it could reshape ownership dynamics within one of Nigeria’s prominent oil ventures.