The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, says delayed divestments by International Oil Companies (IOCs) under previous administrations significantly hindered the flow of investments into Nigeria’s oil sector.
Lokpobiri made this known in Abuja on Wednesday during a visit by the new management team of Renaissance Africa Energy Company (formerly Shell Petroleum Development Company), led by CEO Tony Attah.
“So, when I became minister, we had several divestment issues. Some of them had been there for years. And my position was very clear. I said, divestment is a global practice. If you want to attract investments, you must also allow people to divest when they want to,” Lokpobiri stated.
“I’m proud to say that under the leadership of President Bola Tinubu, these divestments that were pending were basically one of the obstacles to the flow of investment.
“We consented to them, and the president personally signed those divestments. That is the evidence of leadership. Leadership is not just by mouth, it’s by action,” he added.
The minister further revealed that Tinubu gave direct instructions to his office to fast-track all pending divestments, resolving a long-standing issue that previously discouraged investor confidence.
“And today, if people want to invest, that question is no longer whether Nigeria is an investment destination where you can come and invest and also divest. But it was a major issue in 2023 when I went with the president to New York.
“And that’s when the transaction was stalled. The president gave me a very clear directive. I had to go back and to make sure that this matter was sorted. Today, the matter is sorted, so that question is no more,” he said.
Lokpobiri expressed confidence that local firms acquiring assets from IOCs will deliver better results and ensure quicker decision-making in critical situations.
“My conviction is that Nigerians will benefit more. Decisions will no longer be taken abroad. If anything happens to any pipeline, they have to wait for the headquarters to make the decision. Right now, once anything happens, the decisions will be taken in Lagos or in Abuja,” he explained.
The minister emphasized that companies now have the autonomy to act swiftly.
“They don’t need to wait for anybody to make those decisions for things to be fixed,” he concluded.
