Opposition is growing in the Niger Delta over Italian energy firm Eni's plan to sell its five per cent stake in the Renaissance Joint Venture. Local youths and stakeholders have raised concerns about the proposed divestment, calling for intervention by the Federal Government. The stake is valued between $400 million and $500 million. Critics argue the sale could undermine local interests and community benefits tied to the asset. Protests have been threatened if the government does not respond to demands for transparency and inclusion in the process. The Renaissance JV operates oil assets in one of Nigeria's most sensitive ecological and politically volatile regions. Community leaders insist that any change in ownership must involve consultations with host communities. Eni has not issued a detailed public statement addressing the specific concerns raised. The company previously committed to gradual divestment from certain African assets, citing energy transition goals. However, the timing and structure of this sale have sparked unease among regional actors who fear exclusion from decision-making. The Federal Government has not yet formally responded to calls for intervention.
Eni plans to exit a valuable oil asset while insisting it remains committed to Nigeria, yet offers no clarity on how the divestment serves local communities. The $400 million to $500 million stake sale could reshape control over resources in a region long demanding a greater share of its own wealth. If host communities are not included in the process, the deal risks reigniting long-standing grievances over ownership and benefit-sharing. This silence from both Eni and the federal government deepens distrust in a region that has seen promises come and go.
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