Shell/Renaissance deal setback symptom of Nigeria’s oil woes

A chief economist at Shell once described Nigeria as the “jewel in the crown” of the oil major’s empire. Yet in recent years, the jewel has lost its lustre. Early this year, Shell, which has been pumping oil in Nigeria for nearly seven decades, agreed to sell its onshore subsidiary to a consortium of mostly local companies. Gbenga Komolafe, chief executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), surprised many in the industry on October 21 by saying the sale to a local consortium, Renaissance Africa Energy, was b