In a strategic move that is redefining West Africa's energy landscape, TotalEnergies has announced the sale of its entire stake in Société Ivoirienne de Raffinage (SIR) to Sahara Energy, a Nigerian energy giant. The transaction, valued at around €200 million, makes Sahara Energy SIR's second-largest shareholder, with a 27.33% stake. This transaction marks a historic turning point, as it eliminates all non-African shareholders from SIR, thereby strengthening the region's energy autonomy.

TotalEnergies, which has held a stake in SIR for several decades, has decided to withdraw as part of an overall strategic reconfiguration. In recent years, the French group has accelerated its transition to renewable energies and reduced its investments in African refineries. This withdrawal also reflects a desire to reposition itself in markets deemed more profitable or better aligned with its new energy priorities.

"This decision is in line with our strategy of refocusing on renewable energies and higher-growth markets," said a TotalEnergies spokesperson. "We remain committed to Africa, but we are adapting our portfolio to meet the energy challenges of tomorrow."

With this acquisition, Sahara Energy is consolidating its leading position in the regional oil market. Founded in 1996 by Shonubi, Tonye Cole and Ade Odunsi, the Nigerian company has established itself as one of the largest energy groups on the continent, with activities ranging from oil trading to power generation. With operations in more than 40 countries, Sahara Energy generates annual sales of 10 billion dollars and employs more than 4,000 people.

"This acquisition is a major step in our expansion strategy in West Africa," said Tonye Cole, co-founder of Sahara Energy. "We are determined to play a key role in the development of the region's energy infrastructure and to enhance Africa's energy self-sufficiency."

SIR, which had long been in financial difficulties, has made a spectacular recovery in recent years. After a period of crisis between 2014 and 2016, the company has returned to impressive profitability. In 2022, it recorded a record profit of FCFA 125 billion, an increase of 400% on the previous year. In 2023, SIR has confirmed the solidity of its business model with a profit of FCFA 95.35 billion.

"SIR has become one of the most profitable public companies in Côte d'Ivoire," said a local financial analyst. "This performance, coupled with the arrival of Sahara Energy, reinforces SIR's position as a strategic pillar of the Ivorian economy and the regional oil sector."

This transaction marks an important step towards greater energy independence for West Africa. By placing SIR under the control of an African player, this transaction could accelerate synergies between the Ivorian and Nigerian oil markets, and encourage strategic investment in regional energy infrastructure.

"This transaction is a strong signal for African energy autonomy", said an energy expert. "It shows that African companies are capable of taking their energy destiny into their own hands and reducing their dependence on Western multinationals."

As Africa seeks to gain control of its natural resources and reduce its dependence on Western multinationals, this deal may mark the beginning of a new era in Africa's energy sector. With Sahara Energy at the helm, SIR is well placed to play a key role in this transformation.