Dr. Lai Fatona, Chairman of Renaissance Africa Energy Company
…Dr. Egbogah was a distinguished trailblazer filled with uncanny wisdom.
…Nigerian industry experts and investors are taking over the driving seat roles in the ownership and management of key multinationals and production fields in the nation’s energy industry.
-Felix Douglas
Speaking to the audience and participants at the 14th edition of Emmanuel Egbogah Legacy Lecture Series (EELLS), Chairman of the event and Chairman of Renaissance Africa Energy Company (RAE), Dr. Lai Fatona, thanked the organizers of Emmanuel Egbogah Foundation (EEF) and Society for Petroleum Engineers (SPE) Nigeria council, for sustaining this important tradition of thought leadership and national reflection.
He was represented by General Manager, Relations and Sustainable Development at RAE, Igo Weli.
Dr. Fatona referred to Dr. Egbogah as a distinguished gentleman of the oil and gas industry and a trailblazer filled with uncanny wisdom that is always required to safely guide the nation’s journey in the oil and gas business.
According to Fatona, Dr. Emmanuel Egbogah served the oil industry becoming an icon for industry operators and was duly honoured by Nigeria.
The EELLS event is not just a gathering to discuss energy, but to honour a man whose life was a beacon of intellectual rigour, policy innovation and unwavering commitment to Nigeria’s energy future. Dr. Egbogha was more than a technocrat, a visionary who understood that energy is not merely a commodity; it’s a catalyst for development, dignity and destiny. His legacy reminds stakeholders that prosperity must be engineered, not inherited.
“Very important, we stand at a crossroads. The world is transitioning to clean energy, yet Nigeria holds one of the largest natural gas reserves in Africa. The question before us is not whether gas has a role in the future, is whether we will harness it equitably, sustainably and strategically.”
The EELLS Chairman disclosed that recently the federal government announced a bold initiative to fuel Nigeria’s upcoming 4000 kilometer high speed rail network with natural gas.
“This is not just infrastructure. It is a vision in motion. It’s a signal that Nigeria is ready to power its future with clean, affordable and indigenous energy sources.”
Dr. Fatona made it known that there is no doubt the rail network will connect cities unlock trade corridors and catalyze industrial growth. Its heart will be the gas processed into cleaner transport fuels like LNG and GTL firing luxurious trends for transformation. Gas is Nigeria’s bridge fuel and its opportunity to industrialize without compromising climate commitments.
Gas is the fuel that can power factories, light homes and energize the country’s energy dreams.
Notwithstanding opportunity alone is not enough, Dr. Fatona advised that the country must build infrastructure, reform its policies and attract investments that will turn potentials into progress.
“We talk about potential a lot in Nigeria, but when is it going to turn into progress?”
Energy equity means that no Nigerian child studies in darkness. It means that rural communities are not left far behind in the energy transition. The country’s gas wealth must translate into jobs innovation and inclusive growth. A just transition is not about carbon but its people. It’s about ensuring that the country’s journey to net zero does not become a journey to nowhere for millions of Nigerians.
It is therefore fitting that this lecture in its honour should focus on seeking innovation earnestly required to enable the nation to better utilize and benefit from vast hydrocarbon resources in Nigeria.
The theme for this year’s 14th Emmanuel Egbogah lecture, ‘From Resource Wealth to Energy Equity: Nigeria’s Gas Opportunity in the Decarbonization Era’ is quite germane, given the copious and impactful changes that is happening in the energy industry. It is indeed both timely and urgent. One such key change taking place is in the deliberate and strategic fashion that Nigerian industry experts and investors are taking over the driving seat roles in the ownership and management of key multinationals and production fields in the nation’s energy industry, Dr. Fatona stated.
The Chairman of the Board of Directors of RAE, otherwise called Renaissance Africa, said the dynamic and rapidly growing integrated energy company and industry leaders are strategically positioned to drive energy security and industrialization across Nigeria and broad African continent through sustainable energy solutions.
Explaining further, he said this took place in March 2025; following the completion of the landmark transaction where Renaissance Africa Energy Holdings Company Limited successfully acquired shares of Shell Petroleum Development Company (SPDC) Joint Venture (JV) was rebranded Renaissance Africa Energy Company Limited and thereafter retained the role as the operator of the JV.
SPDC has changed. It is now RAE JV and with this recent development, Nigerians become the operators of the industry’s largest oil and gas exploration and production JV (NNPC, Renaissance, TotalEnergies, AGIP Energy and Natural Resources) holding an extensive asset portfolio that encompasses diverse operational environments, including onshore swamp terrains and shallow water locations in parts of the Niger Delta showcasing the company’s adaptability and technical expertise in complex operating conditions, as well as the Bonny and Forcados exploration export terminals including the FPSO.
Continuing, Dr. Fatona said there are several other acquisitions that signpost the country’s recent and strategic decision to enable a new era of Nigerian led energy Leadership committed to enabling energy security and industrialization in a sustainable manner. This strategic direction was not taken lightly.
He revealed that the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), statistics indicate that Nigeria has proven 31.44 billion barrels of oil and 2.0.5 4 trillion cubic feet of gas reserves. This is huge and OPEC data confirming that over 600 million Africans lack access to electricity and 800 million lack access to clean energy.
Africa needs to act bravely and implement the growth to take the continent from mere resource richness to sustainable access to clean energy for economic development that will trigger brave and transformative actions. So the time to move from potential to reality is now.
RAE vision is to be Africa’s energy leader enabling energy security in the continent and industrialization of Nigeria in a sustainable manner. The company’s commitment is rooted in the African spirit of stewardship and shared prosperity. It believes that responsible resource management and sustainable energy practices are essential to unplugging Nigeria’s full economic potential, guided by a distinctly Afrocentric vision.
“We strive to meet the nation’s energy needs while catalyzing industrial growth through innovation, strategic partnerships and a deep respect for our communities and environment.”
Support for Academic Activities
Part of RAE’s vision is to empower people, advancing local capacity and shaping a resilient future generation. The company will continue to create sustainable opportunities for Nigeria’s future, industry experts with advanced educational programs in Nigeria universities.
Presently, RAE has implemented three leading centers of excellence at some universities along with professorial chairs in key areas across Nigeria.
Dr. Fatona said the company has supported sabbatical and postgraduate research internship program as a deliberate measure to continuously bridge the gap between industry and academia, while also supporting data for research students.
RAE educational scholarships range from secondary schools through university scholarships to overseas postgraduate scholarships for talent from states where the company operates in Niger Delta.
He urged both academia and industry to honour Dr. Egbogah, not only in words, but with action. “Let us build a gas economy that is resilient with inclusive future and continue to collaborate across academia, industry and government to unlock Nigeria’s energy growth.”
“Energy transition is not a threat but is an invitation to re-imagine, innovate and to lead.”
As Chairman of RAE, “I reaffirm our commitment to this vision. We believe in energy for people and planet. We believe in partnerships that empower and that Nigeria’s best energy stories are yet to be written.”
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