The Executive Chairman of African Energy Chamber (AEC) NJ Ayuk, has lauded the increasing importance of local energy firms in Nigeria, adding that local energy companies have started to make value contributions in the energy industry amid the decline in offshore operations of foreign firms in Nigeria.
He stated that Nigerian-owned firms are responsible for more than 50 percent of oil and gas production in Nigeria, as foreign firms have withdrawn from the scene.
The above statements were made following the news that Aradel Holdings, which is the largest listed oil and gas firm in Nigeria, will become an Associate Sponsor of African Energy Week (AEW) 2026 in Cape Town, South Africa.
According to him, local companies not only buy assets held by foreign oil companies but also run them efficiently by venturing into gas processing and refining.
One of the leading cases of this trend is Aradel. In 2025, the firm boosted its holding in ND Western and is also among the firms forming Renaissance Africa Energy which bought Shell’s onshore assets in Nigeria for $2.4 billion.
From its Ogbele complex in Rivers State, Aradel runs a crude oil flow station, a gas processing plant, and a modular refinery which refines 11,000 barrels of oil daily to diesel and aviation fuels and plans to start producing petrol in the coming future.
According to Ayuk, the firm’s business model shows how indigenous operators can control all aspects of the value chain, from production to refining, while also ensuring that more benefits stay within Africa.
He further noted that local refineries like Ogbele refinery will assist in the efforts of Nigeria to cut fuel imports, create employment opportunities and increase its energy security.
The accomplishments of Aradel are anticipated to form the centerpiece of talks at the African Energy Week 2026 about the increased influence of indigenous firms in Nigeria’s energy sector.
