A group of Nigerian billionaires, including Bayo Ogunlesi, TY Danjuma, and Hakeem Belo-Osagie, have lost out on TotalEnergies’ 10% stake in a major oil joint venture in Nigeria.
The French energy giant has signed a sale and purchase agreement with VAARIS Resources JV Co. Ltd, a consortium of Nigerian operators and service firms, for its 10% interest in the Renaissance Africa, NNPC, ENI, Total joint venture.
The deal covers TotalEnergies’ interests in 18 oil mining leases located across onshore and shallow water areas of the Niger Delta, producing about 16,000 barrels of oil equivalent per day.
VAARIS, made up of three Nigerian marginal field operators and three oilfield service companies, emerged as the final buyer after a long and closely watched divestment process.
The outcome highlights a shifting dynamic in Nigeria’s upstream sector, where financial muscle and elite access don’t always guarantee success.
Locally structured consortia are increasingly capable of outlasting bigger names, marking a significant trend in the industry.
